Crites for Ohio Blog

Home Loans for the Self Employed

Recent underwriting guideline changes for home loans has made it very difficult for people that are self employed to get an approval for a home mortgage.  This is because self employed individuals can no longer use “stated income” or other low doc home mortgage options to qualify for a home loan.  To qualify, they must fully document their income after deductions.  Since most business owners write off as much expense as possible, income qualification for home loans has been dismal for the self employed.  This is having a bad effect on many that need to refinance a new home loan, particularly when current home mortgage rates are near the historic low levels of all time.