Self-employed Mortgage Specialist (602) 935-1993
Loan Programs
Bank Statement Loan
What It Is: A non-QM loan that qualifies self-employed buyers using 12–24 months of bank statements instead of tax returns.
Who It’s For: Entrepreneurs and 1099 contractors whose tax write-offs lower their apparent income.
General Qualifications:
- Income: 12–24 months of business or personal bank statements.
- Credit Score: 640 minimum (better terms at 700+).
- Down Payment: 10% to 20% typically required.
- Max debt-to-income: 50%.
- Business History: Generally 2+ years operating.
- Reserves: 2 to 6 months of mortgage payments.
Conventional Loan
What It Is: Traditional agency-backed financing (Fannie Mae / Freddie Mac) designed for W2 wage earners or self-employed borrowers with clean tax returns that show sufficient W2 or net Schedule C income.
Who It’s For: Borrowers who want the lowest possible interest rates and maximum leverage without relying on alternative income documentation like bank statements.
General Qualifications
- Income: 2 years of W2s, tax returns, and current paystubs.
- Credit Score: 620 minimum (best pricing at 740+).
- Down Payment: As low as 3% to 5% for primary residences.
- Max debt-to-income: 40%–45%.
- Business History: Generally 2+ years operating.
- Reserves: 0 to 2 months of mortgage payments
DSCR Loan
What It Is: A non-QM loan that qualifies real estate investors using the subject property's rental income rather than personal W2s or tax returns.
Who It’s For: Real estate investors and self-employed entrepreneurs looking to scale rental portfolios without personal income documentation or tax write-off restrictions.
General Qualifications
- DSCR Ratio: Property rent must generally cover the PITIA (Principal, Interest, Taxes, Insurance, Association dues) at a 1.0 ratio or higher (no ratio options available with higher down payments).
- Credit Score: 680 minimum (best pricing at 740+).
- Down Payment: Typically 15% to 25% down.
- Max debt-to-income: Up to 50%.
- Property Types: 1-4 unit residential properties, eligible condos.
- Reserves: 3 to 6 months of mortgage payments in reserve.
Phoenix Mortgage Brief
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(602)935-1993