Self-employed borrowers have always had a difficult time proving their credit worthiness; however, there is a solution.  Despite the roll-back on mortgage regulations, there is a product known as an “alternate documentation” loan, which has helped potential homeowners overcome this obstacle.

Let’s look at a variety of situations which might make income verification difficult: 

Today’s economy has forced many people to work more than one part-time or even full-time job.  Often, these jobs do not offer a steady flow of income and make their financial picture look a bit “fuzzy”.  Perhaps the additional job is consulting or driving for Lyft/Uber and the income is erratic. For these borrowers there are private lenders who are willing to support their real estate investments.

Rather than require documentation such as pay stubs, W-2 forms or 1099’s, these lenders will ask for bank statements covering a specific number of months.  Sun Pacific Mortgage, a long-time hard money company in California, offers several programs that require only 4-6 months of bank statements to qualify. This documentation along with the verifiable value of the property, are the main qualifications to acquire a home loan. 

With a Hard Money real estate loan from Sun Pacific Mortgage, even bad credit scores are not a stumbling block to home ownership.  If your ability to repay the loan can be verified and there is enough value in the property – or you have a decent down payment for a purchase – most borrowers will be able to obtain a mortgage from us.  

Give us a call at 707-523-2099 to quickly determine your eligibility. 

We have helped thousands of potential homeowners over the past 31 years when they had given up hope.  We look forward to helping you or someone you know, get a home loan or refinance today.