Flexible Guidelines for Self-Employed Borrowers
New Fannie Mae and Freddie Mac guidelines are helping more self-employed borrowers get pre-qualified for home loans!
Beginning January 2024, only 1 year of income history is sufficient enough to approve financial stability under certain conditions. Traditionally, 2 years worth of documentation has been required. Read Fannie’s full announcement here.
If you were previously denied a home loan before, this is a great opportunity to talk with a local licensed Loan Officer about how these new guidelines can help you.
GMFS Mortgage offers Home Loan Programs to Help Self-Employed Borrowers
We have loan options to help self-employed borrowers! Our Bank Statement Programs allow borrowers to qualify by submitting 1-2 years worth of bank statement to evaluate their cash flow.
This program does not require Private Mortgage Insurance (PMI) and can finance up to $3,000,000!
Are you a 1099 Borrower?
Have you had the same employer for the previous 2 years? In some cases 1 year of 1099 is acceptable form of documentation! Some benefits of our Bank Statement Program include:
- 1099 income eligible in lieu of 12 months bank statements
- Most recent year 1099 and YTD bank statements
- 1099 income eligible in lieu of tax returns
Contact our team of local experts to get pre-qualified today!
*Government loans such as FHA, USDA and VA typically have more flexible guidelines than conventional loans but interest rates are typically higher.
*Not a commitment to lend. All loans subject to credit and property approval. The following terms are for illustrative purposes only. Rates, payments, and loans terms vary by consumer based on their individual qualifying information. The payment amount illustrated does not include the amounts for taxes, property insurance, or mortgage insurance.
| Loan Term | Down Payment | Annual Percentage Rate | Estimated Monthly Payment |
| 30 year fixed rate | 10% (90% LTV) | 4.75% | $1,043 |