SELF-EMPLOYED MORTGAGE LOAN NEW JERSEY

Purchase or Refinance:

• Income Verification – or – Alternative Income Verification
• Bank statements
• Debt-to-income (DTI) calculated
• Tax returns
• 1099’s
• W2s

Property Type:

• Single Family
• 2-4 Units
• PUD
• Co-op
• Condo
• Manufactured/mobile homes
• Townhouse
• Second homes/Vacation homes
• Investment properties

Purchase or Refinance:

• Purchase & rate/term refinance up to 75% LTV
• Cash-out refinance up to 70% LTV, unlimited cash-out funds
• 30-year fixed
  

What is a Self-Employed Mortgage?  

A self-employed mortgage is meant for borrowers who want to buy or refinance a primary residence or second home but cannot document enough income to qualify for a mortgage using W-2s, pay stubs, or other income documents. These borrowers are usually turned down by most banks and lenders.

There are many reasons why a borrower may not be able to document their income. A perfect example would be a business owner who just sold their business and now has no income or a person whose income is based on commission and not an hourly base pay.

Are Self-Employed Mortgage Loans Still Available in 2025?  

Almost all lenders will want to see evidence of a steady income and that the monthly mortgage payments are affordable. You may be required to show proof of self-employed income using your tax returns, business financial statements, and personal bank statements.

Typically, because lenders view self-employed borrowers as being at higher risk of defaulting on their loans. You may also need to have a higher down payment than a W-2 employee.

Proof of Income

• 2 years business and/or personal tax returns
• 2 years profit and loss statement
• Last 2 months bank statements