Journey Home Lending's Denver Self-Employed Mortgage Programs

If you're the owner of the business or an independent contractor getting approved for a mortgage means you need to work with a  mortgage broker that has strong expertise in this area. At Journey Home Lending you benefit from working with our President, Rod Shuster, who has 30+ years of experience and is a CPA!

Here's an overview of the basic requirements of our programs:

1. Length of self-employment:
Your most recent tax return needs to show that you have been self-employed during the most recent 12 months. Plus, if your most recent tax return shows a higher net income than the previous year, we have a great solution.

2. How to show more income:
Your net profit on the loan application can be higher if you have specific expenses?

  A. What we can add back to your net profit to help qualify.Depreciation
  B. One-time non-recurring expenses
  C. The home office deduction

Core Self-Employed Loan Program Highlights

NO Tax Returns

NO PayStubs or W-2s

Use Personal or Business Bank Statements

No Tax Return Loan Programs

For Self-employed borrowers with a 20% down payment and credit scores over 640, Journey Home Lending has options of documenting income that requires no tax returns or IRS tax transcript forms.

1. The Bank Statement Loan Program

A. You will need to provide your last 12 - 24 months of bank statements (personal or business checking accounts). Most banks make these past monthly statements available through your online banking login.

B. A copy of your business license and/or a CPA letter confirming self-employment for the last 2 years.

Financing is allowed up to 80% of the property's value for an owner-occupied home. However, if you can afford to put 30% down, we can probably get you a lower interest rate. The property can be used as your primary residence, second home, or investment (2-4 units too). No tax returns or transcripts are necessary.

2. The Profit & Loss Loan

A. You or your CPA will need to provide a Profit & Loss (P&L) statement for your business.

  • 1st Option - Most recent year P&L with a year-to-date P&L (maximum of 80% financing to $2.5M w/ 720 FICO scores)
  • 2nd Option - Most recent two years P&L with YTD P&L(maximum of 80% financing to $1.5M w/ 720 FICO scores)

B. Additional requirements are:

  • A borrower needs to own a minimum of 25% of the business
  • The business must have been operating for a minimum of two years recently
  • No tax returns, no IRS tax transcripts

3. Asset Amortization

Your monthly income is determined by your total eligible liquid asset balances (savings, money market, CDs, Brokerage, IRA or 401k accounts) using various formulas. If you have $1,000,000 liquid, the lender will derive your monthly income based on an income formula.

4. Investment Property Cash Flow program

We will look at the current rental income of the subject property and the appraisal report's market rent. The property's monthly rental income must be able to cover the new mortgage payment, property taxes, and insurance. No employment or personal income is necessary.

Eligible Properties: Single-family homes, condos, and townhomes and two to- four-family properties (higher down payment requirements). Homes with lot sizes of 50 acres or more, log cabins, or agriculturally zoned properties are not eligible.

Call Journey Home Lending Today to learn if one of our Self-Employed Mortgage Programs is the right choice for you. Call 303-660-4210 or Contact Us here!