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Including Doctors, Lawyers, CEO, Business Owners, Bartenders, Owner Operators, Waiters, Waitress, and rental property owners

Self employed individuals often ask … “Why is it so difficult to qualify for a self employed mortgage loan?”

Self-employed borrowers, those who work on commission, or those who receive tipped income present one of the most challenging areas for mortgage loan underwriting. Qualifying self-employed people often requires significant extra time, energy, and patience. A fair and honest pre-qualification requires a special set of Loan Officer skills and expertise that most Loan Officers simply lack.

The vast majority of mortgage companies, and especially Mortgage Loan Officers, are afraid to work on a self-employed persons home loan, or simply lack the extra knowledge and skill required to review complicated tax returns to get self-employed people a home loan. Long gone are the days when any Loan Officer could simply ignore tax returns and give a low doc, no doc, or stated income loan to a self-employed borrower without any knowledge, training, or special considerations.

Trusting your home loan approval to an unlicensed bank Loan Officer, or some application clerk is never wise, but this is especially true for self-employed people. You need a self-employed mortgage loan expert, like us to make sure everything is properly calculated, so you have no surprises down the road.

Why are self employed mortgage loans harder to get?

Generally speaking, it is tougher to get a mortgage for the self employed buyer because it is hard to answer the question: "What is your income?"


We will be unable to make any decision, not even a basic pre-approval without the following: 

Be prepared to send us the following documents to prove income.




Able to prove income?

Self-Employed home mortgage loans in MN, WI, SD


In years past, there were many mortgage loan programs designed for those people with difficult to document incomes. They were commonly known as no documentation, or stated income loans. These were unique loans for a very small number of people. Unfortunately, they became abused by Real Estate Agents trying to make a sale, Loan Officers trying to earn commission, and primarily homeowners trying to buy homes they probably should not have been buying.

No DOc, stated income loans

Because of these abuses, and in response to the real estate collapse, the Frank / Dobb Financial Reform rules pretty much made these no documentation loans very difficult to find, and expensive to obtain in the traditional lending environment. To make it even worse, those same new rules have made all mortgage qualifying and underwriting dramatically more complicated, cumbersome, and annoyingly paperwork intensive.


The non-conforming market has slowly started re-introducing alternative documentation loans. True No Documentation loans do not exist, but limited, or non-traditional INCOME documentation loans do.  The most popular two options are bank statement loans, and asset loans.

Under the bank statement guidelines, you must be self employed, and able to document you are self employed. You must supply 12 months of bank statements. They will generally give you credit for 100% of personal bank statement deposits as income, or 50% of business bank statements as income.

Under the asset programs, loan qualifications are based on verified assets. Assets can be in the bank, 401k, stocks, bonds, etc. Asset programs are primarily for high net worth clients.

IInterest rates on these programs are significantly higher than traditional loans, and all efforts should be made to either get a traditional loan today, or to be in position to refinance into a traditional loan as soon as possible after getting a non-conforming loan.

Stated Income  loans, where no proof of income required is also bank to a minor extent.

Learn more: Bank statement mortgage, bank statement loan program, asset loans, and stated income loans

Questions about self-employed, or bank statement mortgage loans?  Call (651) 552-3681 or Chat Live with a Licensed Loan Officer.

Bank statement mortgage program

Self Employed Mortgage Application for MN, WI, SD.

Call the Joe Metzler at Mortgages Unlimited at (651) 552-3681 for a self-employed home loan mortgage quote. Speaking with a experienced Loan Officer is easily the best way to determine if you qualify based on your self-employed or commissioned income, and to obtain an accurate interest rate quote.

READY TO APPLY ONLINE? Our Secure Online Mortgage Application is available 24/7. Mortgages Unlimited does not charge an application fee to apply for a loan, nor are you obligated to move forward once the application is complete. Once you finish the application, you will be given information on how to send or upload your supporting documentation.

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Our services available only for properties located in Minnesota, Wisconsin, and South Dakota. Licensed as Mortgages Unlimited, Inc. NMLS # 225504. Joe Metzler NMLS # 274132. As a Lenders One partner, we are part of the 3rd Largest Retail Mortgage Originators in the country. We are consistently ranked as one of the top mortgage lenders in Minnesota by Minneapolis St Paul Business Journal. Any use or duplication of any materials is strictly prohibited.  All images, text, and materials Copyright 1998 - 2019 Joe Metzler. This is the private web site of Joe Metzler, NMLS #274132. All Rights Reserved.