If you are self employed then you know just how hard it is getting a mortgage. Today’s workforce has changed and more and more individuals are taking the entrepreneurial, self-employed, consultant or independent contractors’ route.  In your role you have cash-based earnings, you have business deductions to reduce your declared income which results in a lower mortgage amount being approved at any given institution.  At Pegasus we offer programs for Self Employed individuals that are less cumbersome when considering income from business sources.

Who are these stated income programs intended for?

Any type of self-employed professional might be eligible for a stated income loan (bank statement loan). This includes a wide range of people, including business owners, entrepreneurs, freelancers, gig workers, contractors, and many other types of self-employed professionals.

Are there stated income loans available for jumbo loans and super jumbo loans?

Yes, there are stated income jumbo loans, as well as stated income super jumbo loans. These programs are available for when purchase a home or when seeking to refinance an existing mortgage. The maximum loan amount available is $25,000,000.

What is the typical down payment required?

Most mortgage lenders will require that you place at least 10-20% down. However, some lenders have been known to accept a lower down payment if the borrower has excellent credit, strong reserves, and most every other aspect on the application as well.