In today's fluid labor market, many prospective homeowners are self employed, work on a contract or commission basis, or have other employment profiles that can complicate qualifying for a home loan. Full Spectrum Lending, Inc., one of the fastest-growing specialized mortgage lenders and a member of the Countrywide family, offers information and tips to help these consumers get the credit they deserve. Most home lenders require detailed documentation or paperwork to prove a borrower's income. As a result, these borrowers may be turned down for a loan, even with good income and after jumping through a lot of hoops with paperwork and applications. Fortunately, there are many good home financing options for unconventional borrowers such as business owners and self-employed workers.
Consumers can use the following strategies and tips to help find the right loan and lender.
Look for a lender that has flexible loan guidelines. Some lenders require a high down payment from self-employed borrowers, who may prefer not to tie up a lot of their cash in their homes. But other lenders can offer low down payments, freeing money for business or personal investment. Others require borrowers to be self-employed for at least two years in order to qualify for a loan. Explore the special benefits of unconventional loans.