Is no income verification dead? Are self-employed borrowers in trouble?

By Jim Guerriero

Contrary to popular belief, there is still an opportunity for self-employed borrowers to refinance their mortgage or purchase the home they have been dreaming of. You may even want to do a no limit cash-out refinance to help your children or to perhaps invest.

Most borrowers thought that after the mortgage market meltdown there was no more options for self-employed borrowers to obtain mortgage financing without showing sufficient income on their tax returns. It is not true. What changed was that the wholesale market saw a large number of lenders close their doors. While almost all lenders who previously offered “stated income” loans are no longer in business, there remains one small window of hope. The Consumer Finance Protection Bureau (CFPB), however, is looking to put an end to the availability of this type of loan sometime in 2014 despite all the strong responsible characteristics that it carries and the fact that self-employed borrowers are simply taking advantage of the federal tax laws as they are written.

We at First Lenders Mortgage offer a competitive “stated income” product to all self-employed borrowers who fit the criteria and are looking to borrow from $250,000 up to $2.5 million and beyond. You do not need stellar credit, but reasonably good credit is important. You do have to show sufficient liquid assets to qualify, which will vary depending on the specific individual scenario.

Do not miss out on this final chance to secure the low rate financing you have been searching for.

Jim Guerriero of First Lenders Mortgage (NMLS No. 274786) can be reached at 732-275-1600.