Self Employed Portfolio Loan Programs

Home loans for Self -Employed, Independent Contractor, gig worker, freelancer borrowers may be eligible for portfolio loans that use alternative credit underwriting guidelines for owner occupied or investment property purchase, refinance, or cash out. Typically this borrower may have inconsistent income, difficult to document income or a lot of tax deductions reducing the net income on their tax returns that is too low to qualify for a traditional loan.   A portfolio mortgage uses alternative income documentation from borrowers with good credit, cashflow and substantial down payment to qualify.  We assess the borrower's full financial profile, not just bank statements, W2's and tax returns.  Borrowers can cash out up to 75% of appraisal value.  Credit scores for portfolio loans start at 640 and a requires a strong asset base.  One year of self-employment is accepted. 100% gift allowed for down payment and closing costs.

12 / 24 Month Business or Personal Bank Statement Program

We use the average deposits of the business (excluding transfers between business accounts) to calculate the borrower income.  Business must be operating for at least two (2) years.  No tax returns, No income documentation required, minimum credit score 640+.  Credit profile determines minimum down payment which start at 15% for primary residence. We can use both business and personal bank statements to calculate income to qualify for a mortgage loan.  No personal tax returns or W-2's are required for loan approval.

Debt Service Coverage Loan (DSCR) in most 50 states

Investment properties can purchased or refinanced (1-4 units) with as little as 15% down.  DSCR loans can also be used for multi family residential properties up to 25 units.  Loan amounts to $6 million. DSCR ratio is the gross rental income  / rental expense ratio.  Link to details of DSCR program

P & L Only

The P&L Only loan is one of the many loan options we offer to self-employed individuals to help secure the funding they require.  With this loan, clients can qualify based on the strength of their business;s Profit & Loss statement prepare by a CPA.  No personal tax returns or W-2's are required for loan approval.

- loans up to $4 million for primary residence maximum 70 LTV

- loans up to $3.5 million for Secondary residence maximum 75 LTV

- Purchase and Refinance up to 90% LTV on p&L 12 month and 24 month

- Cash Out up to maximum 80% LTV

Asset Depletion

An asset depletion mortgage loan is a non-traditional loan that allows you to use your assets in your savings accounts, investment accounts, or stocks, mutual funds, and retirement accounts to qualify for a mortgage loan instead of requiring employment income you may not have.  Your assets are used to qualify for repayment of the loan verses standard employment income.  

Borrowers Who Qualify For A Portfolio Loan
  • Business Owners with insufficient traditional, verifiable income
  • Freelancers and Consultants
  • Independent Contractors and 1099 Workers
  • Real Estate Investors
  • Commission Based Sales Professionals
  • Hospitality, Wellness and Service Industries
  • Seasonal , Event and Gig Workers
  • Retirees with low verifiable fixed income
  • Day Traders
  • Individuals with substantial assets in the U.S.

If you want to move forward with your loan scenario, complete an online inquiry form.  If you would like to discuss your loan scenario, please call us at 908-722-9217.  We'll review your mortgage profile and determine a solution for you.