{"id":3464,"date":"2020-12-30T19:26:32","date_gmt":"2020-12-30T19:26:32","guid":{"rendered":"https:\/\/www.fmloans.com?p=3464"},"modified":"2023-09-17T20:31:35","modified_gmt":"2023-09-17T20:31:35","slug":"purchasing-a-home-while-self-employed","status":"publish","type":"post","link":"https:\/\/integrumresources.com\/fmloans\/purchasing-a-home-while-self-employed\/","title":{"rendered":"Purchasing a Home While Self-Employed"},"content":{"rendered":"\n<p><span style=\"color: #333333;\">Are you currently self employed and interested in buying a home, but are concerned that you may not be able to provide the required documentation you may need in order to obtain a mortgage due to your work status? Mortgage lenders typically verify a borrower\u2019s income by reviewing pay stubs and tax returns, but this paperwork might be challenging to provide if you work for yourself. Bank statement home loans are intended to help self-employed borrowers obtain a mortgage. If you work for yourself and are interested in purchasing a home in Knoxville, Maryville, Lenoir City, Oak Ridge, or Gatlinburg, Tennessee, Foundation Mortgage can help you with your mortgage options.<\/span><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span style=\"color: #333333;\"><span style=\"font-size: large;\">The Basics of Bank Statement Loans for the Self Employed<\/span><\/span><\/h2>\n\n\n\n<p><span style=\"color: #333333;\">During the traditional mortgage application process, there are certain steps that need to be taken when financing the purchase of a home, such as verifying income through pay stubs and W2s. Due to the nature of being self employed and receiving a non-traditional income, it can be difficult to provide these documents when you are self employed. A bank statement loan allows borrowers to apply for a mortgage without showing their earnings through tax documents or pay stubs. A bank statement loan uses a borrower\u2019s bank statements to help secure a mortgage rather than using traditional income verification.<\/span><\/p>\n\n\n\n<p>Obtaining a bank statement loan offers many benefits. Great terms and rates are available, as well as <a href=\"https:\/\/www.fmloans.com\/loan-options\/\">flexible options<\/a>. You are not required to provide tax return information, and with a bank statement loan, you are not required to pay private mortgage insurance. Additionally, the credit score requirements are reasonable, and a borrower has the possibility to borrow up to 80% of a home\u2019s value.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span style=\"color: #333333;\"><span style=\"font-size: large;\">Qualifying for a Bank Statement Loan<\/span><\/span><\/h2>\n\n\n\n<p><span style=\"color: #333333;\">Typically, the requirements for a bank statement loan include:<\/span><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><span style=\"color: #333333;\">A credit score of 600-680<\/span><\/li>\n\n\n\n<li><span style=\"color: #333333;\">A debt-to-income, (DTI), ratio of 45%-50%<\/span><\/li>\n\n\n\n<li><span style=\"color: #333333;\">Consecutive bank statements from the same account from the past 12 months, (applicants may qualify for more favorable rates and terms if they are able to provide 24 months of statements)<\/span><\/li>\n\n\n\n<li><span style=\"color: #333333;\">A minimum of 2 years of self employment<\/span><\/li>\n\n\n\n<li><span style=\"color: #333333;\">A minimum loan of $100,000 or a maximum of $1,000,000<\/span><\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span style=\"color: #333333;\"><span style=\"font-size: large;\">Get Help Applying for a Bank Statement Loan for Self-Employed<\/span><\/span><\/h2>\n\n\n\n<p><span style=\"color: #333333;\">If you are self employed and interested in buying a home, but have an non-traditional source of income and are worried that you may not be able to provide the necessary documentation needed to obtain a mortgage, you can still make your dream of owning a home a reality. Our loan specialists at Foundation Mortgage can help you learn more about your bank statement loan options in Knoxville, Maryville, Lenoir City, Oak Ridge, and Gatlinburg, Tennessee. Contact our office today for a consultation.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Are you currently self employed and interested in buying a home, but are concerned that you may not be able to provide the required documentation you may need in order to obtain a mortgage due to your work status? Mortgage lenders typically verify a borrower\u2019s income by reviewing pay stubs and tax returns, but this [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":2965,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[10],"tags":[],"class_list":["post-3464","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blog"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.2 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Purchasing a Home While Self-Employed - Foundation Mortgage l Knoxville TN Home Loans<\/title>\n<meta name=\"description\" content=\"Are you self-employed? Learn more about how your unique home buying options from the team at Foundation Mortgage Company!\" \/>\n<meta name=\"robots\" content=\"noindex, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Purchasing a Home While Self-Employed - Foundation Mortgage l Knoxville TN Home Loans\" \/>\n<meta property=\"og:description\" content=\"Are you self-employed? Learn more about how your unique home buying options from the team at Foundation Mortgage Company!\" \/>\n<meta property=\"og:url\" content=\"https:\/\/integrumresources.com\/fmloans\/purchasing-a-home-while-self-employed\/\" \/>\n<meta property=\"og:site_name\" content=\"Foundation Mortgage l Knoxville TN Home Loans\" \/>\n<meta property=\"article:published_time\" content=\"2020-12-30T19:26:32+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-09-17T20:31:35+00:00\" \/>\n<meta name=\"author\" content=\"admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/integrumresources.com\/fmloans\/purchasing-a-home-while-self-employed\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/integrumresources.com\/fmloans\/purchasing-a-home-while-self-employed\/\"},\"author\":{\"name\":\"admin\",\"@id\":\"https:\/\/integrumresources.com\/fmloans\/#\/schema\/person\/513d096a10f151aa7a9063d85dc6fbd3\"},\"headline\":\"Purchasing a Home While Self-Employed\",\"datePublished\":\"2020-12-30T19:26:32+00:00\",\"dateModified\":\"2023-09-17T20:31:35+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/integrumresources.com\/fmloans\/purchasing-a-home-while-self-employed\/\"},\"wordCount\":454,\"publisher\":{\"@id\":\"https:\/\/integrumresources.com\/fmloans\/#organization\"},\"articleSection\":[\"blog\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/integrumresources.com\/fmloans\/purchasing-a-home-while-self-employed\/\",\"url\":\"https:\/\/integrumresources.com\/fmloans\/purchasing-a-home-while-self-employed\/\",\"name\":\"Purchasing a Home While Self-Employed - Foundation Mortgage l Knoxville TN Home Loans\",\"isPartOf\":{\"@id\":\"https:\/\/integrumresources.com\/fmloans\/#website\"},\"datePublished\":\"2020-12-30T19:26:32+00:00\",\"dateModified\":\"2023-09-17T20:31:35+00:00\",\"description\":\"Are you self-employed? Learn more about how your unique home buying options from the team at Foundation Mortgage Company!\",\"breadcrumb\":{\"@id\":\"https:\/\/integrumresources.com\/fmloans\/purchasing-a-home-while-self-employed\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/integrumresources.com\/fmloans\/purchasing-a-home-while-self-employed\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/integrumresources.com\/fmloans\/purchasing-a-home-while-self-employed\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/integrumresources.com\/fmloans\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Purchasing a Home While Self-Employed\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/integrumresources.com\/fmloans\/#website\",\"url\":\"https:\/\/integrumresources.com\/fmloans\/\",\"name\":\"Foundation Mortgage l Knoxville TN Home Loans\",\"description\":\"\",\"publisher\":{\"@id\":\"https:\/\/integrumresources.com\/fmloans\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/integrumresources.com\/fmloans\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\/\/integrumresources.com\/fmloans\/#organization\",\"name\":\"Foundation Mortgage l Knoxville TN Home Loans\",\"url\":\"https:\/\/integrumresources.com\/fmloans\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/integrumresources.com\/fmloans\/#\/schema\/logo\/image\/\",\"url\":\"https:\/\/integrumresources.com\/fmloans\/wp-content\/uploads\/2023\/07\/logo-header.png\",\"contentUrl\":\"https:\/\/integrumresources.com\/fmloans\/wp-content\/uploads\/2023\/07\/logo-header.png\",\"width\":1040,\"height\":254,\"caption\":\"Foundation Mortgage l Knoxville TN Home Loans\"},\"image\":{\"@id\":\"https:\/\/integrumresources.com\/fmloans\/#\/schema\/logo\/image\/\"}},{\"@type\":\"Person\",\"@id\":\"https:\/\/integrumresources.com\/fmloans\/#\/schema\/person\/513d096a10f151aa7a9063d85dc6fbd3\",\"name\":\"admin\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/integrumresources.com\/fmloans\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/6d8b111021dde27c16faded20910d52d9b199c5a5c66b618c68c2439505b5a41?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/6d8b111021dde27c16faded20910d52d9b199c5a5c66b618c68c2439505b5a41?s=96&d=mm&r=g\",\"caption\":\"admin\"},\"sameAs\":[\"https:\/\/integrumresources.com\/fmloans\"],\"url\":\"https:\/\/integrumresources.com\/fmloans\/author\/webadmin\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Purchasing a Home While Self-Employed - Foundation Mortgage l Knoxville TN Home Loans","description":"Are you self-employed? Learn more about how your unique home buying options from the team at Foundation Mortgage Company!","robots":{"index":"noindex","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"og_locale":"en_US","og_type":"article","og_title":"Purchasing a Home While Self-Employed - Foundation Mortgage l Knoxville TN Home Loans","og_description":"Are you self-employed? Learn more about how your unique home buying options from the team at Foundation Mortgage Company!","og_url":"https:\/\/integrumresources.com\/fmloans\/purchasing-a-home-while-self-employed\/","og_site_name":"Foundation Mortgage l Knoxville TN Home Loans","article_published_time":"2020-12-30T19:26:32+00:00","article_modified_time":"2023-09-17T20:31:35+00:00","author":"admin","twitter_card":"summary_large_image","twitter_misc":{"Written by":"admin","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/integrumresources.com\/fmloans\/purchasing-a-home-while-self-employed\/#article","isPartOf":{"@id":"https:\/\/integrumresources.com\/fmloans\/purchasing-a-home-while-self-employed\/"},"author":{"name":"admin","@id":"https:\/\/integrumresources.com\/fmloans\/#\/schema\/person\/513d096a10f151aa7a9063d85dc6fbd3"},"headline":"Purchasing a Home While Self-Employed","datePublished":"2020-12-30T19:26:32+00:00","dateModified":"2023-09-17T20:31:35+00:00","mainEntityOfPage":{"@id":"https:\/\/integrumresources.com\/fmloans\/purchasing-a-home-while-self-employed\/"},"wordCount":454,"publisher":{"@id":"https:\/\/integrumresources.com\/fmloans\/#organization"},"articleSection":["blog"],"inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/integrumresources.com\/fmloans\/purchasing-a-home-while-self-employed\/","url":"https:\/\/integrumresources.com\/fmloans\/purchasing-a-home-while-self-employed\/","name":"Purchasing a Home While Self-Employed - Foundation Mortgage l Knoxville TN Home Loans","isPartOf":{"@id":"https:\/\/integrumresources.com\/fmloans\/#website"},"datePublished":"2020-12-30T19:26:32+00:00","dateModified":"2023-09-17T20:31:35+00:00","description":"Are you self-employed? Learn more about how your unique home buying options from the team at Foundation Mortgage Company!","breadcrumb":{"@id":"https:\/\/integrumresources.com\/fmloans\/purchasing-a-home-while-self-employed\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/integrumresources.com\/fmloans\/purchasing-a-home-while-self-employed\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/integrumresources.com\/fmloans\/purchasing-a-home-while-self-employed\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/integrumresources.com\/fmloans\/"},{"@type":"ListItem","position":2,"name":"Purchasing a Home While Self-Employed"}]},{"@type":"WebSite","@id":"https:\/\/integrumresources.com\/fmloans\/#website","url":"https:\/\/integrumresources.com\/fmloans\/","name":"Foundation Mortgage l Knoxville TN Home Loans","description":"","publisher":{"@id":"https:\/\/integrumresources.com\/fmloans\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/integrumresources.com\/fmloans\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/integrumresources.com\/fmloans\/#organization","name":"Foundation Mortgage l Knoxville TN Home Loans","url":"https:\/\/integrumresources.com\/fmloans\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/integrumresources.com\/fmloans\/#\/schema\/logo\/image\/","url":"https:\/\/integrumresources.com\/fmloans\/wp-content\/uploads\/2023\/07\/logo-header.png","contentUrl":"https:\/\/integrumresources.com\/fmloans\/wp-content\/uploads\/2023\/07\/logo-header.png","width":1040,"height":254,"caption":"Foundation Mortgage l Knoxville TN Home Loans"},"image":{"@id":"https:\/\/integrumresources.com\/fmloans\/#\/schema\/logo\/image\/"}},{"@type":"Person","@id":"https:\/\/integrumresources.com\/fmloans\/#\/schema\/person\/513d096a10f151aa7a9063d85dc6fbd3","name":"admin","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/integrumresources.com\/fmloans\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/6d8b111021dde27c16faded20910d52d9b199c5a5c66b618c68c2439505b5a41?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/6d8b111021dde27c16faded20910d52d9b199c5a5c66b618c68c2439505b5a41?s=96&d=mm&r=g","caption":"admin"},"sameAs":["https:\/\/integrumresources.com\/fmloans"],"url":"https:\/\/integrumresources.com\/fmloans\/author\/webadmin\/"}]}},"_links":{"self":[{"href":"https:\/\/integrumresources.com\/fmloans\/wp-json\/wp\/v2\/posts\/3464","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/integrumresources.com\/fmloans\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/integrumresources.com\/fmloans\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/integrumresources.com\/fmloans\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/integrumresources.com\/fmloans\/wp-json\/wp\/v2\/comments?post=3464"}],"version-history":[{"count":1,"href":"https:\/\/integrumresources.com\/fmloans\/wp-json\/wp\/v2\/posts\/3464\/revisions"}],"predecessor-version":[{"id":8928,"href":"https:\/\/integrumresources.com\/fmloans\/wp-json\/wp\/v2\/posts\/3464\/revisions\/8928"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/integrumresources.com\/fmloans\/wp-json\/"}],"wp:attachment":[{"href":"https:\/\/integrumresources.com\/fmloans\/wp-json\/wp\/v2\/media?parent=3464"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/integrumresources.com\/fmloans\/wp-json\/wp\/v2\/categories?post=3464"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/integrumresources.com\/fmloans\/wp-json\/wp\/v2\/tags?post=3464"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}