Loan Options for Self-Employed Homebuyers
If you are self-employed or freelance, the mortgage application process may look different than it does for those with a traditional employer.
With Waterstone Mortgage’s "Statement Select" bank statement loan program, homebuyers can purchase or refinance a home without providing tax returns and extensive documentation.
about statement select
financing that works the way you do
Statement Select is designed specifically for entrepreneurs, freelancers, and independent earners who need home financing that reflects real cash flow, not just what shows up on a W-2.
Income Documentation Options:
- 12- or 24-month bank statement options available (business OR personal)
- Expense ratios permitted as low as 10% when using business bank statements
- 1099-only option available
- P&L-only option available
- Personal bank statement income option also available for borrowers who are not self-employed — contact a loan originator for details
Eligibility Requirements:
- FICO as low as 620
- DTI as high as 49.99%
- Available for first-time and repeat homebuyers
Loan Features:
- Up to 90% financing with no MI*
- Loan amounts up to $3 million
- Non-warrantable condos and condotels allowed
- Interest-only option available
- HELOC option available — ask for details
*Maximum financing may be limited in some declining markets — ask your loan originator for more information. **The interest-only feature allows homebuyers to make minimum interest payments for a set period of time. When the interest-only period end, the monthly payment is recalculated to include full principal and interest payments for the remaining loan term. Some program features may be available through a broker relationship with other lenders. Waterstone Mortgage is not affiliated with those lenders. Credit approval is at the sole discretion of the lender.
