When it comes to securing a home loan, every “big bank” has a set of criteria they use to discern whether or not to award a loan:

  • A DTI (debt-to-income ratio) of 43% or less
  • A 20% down payment
  • A 720+ credit score
  • 6, 9,12 or 18 months of assets/reserves
  • 4 to 7 years removed from a bankruptcy or major credit-hurting “life” event

Do you meet these criteria? It’s OK if you don’t—they’re pretty stringent (especially for self-employed professionals).

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Here’s the good news: there are loan programs for self-employed individuals that “expand” the above criteria:

  • You can put as little as 5% to 10% down
  • You can have a 55% DTI
  • You can have a 580 credit score
  • You can have a credit-affecting “life event” as little as a few months ago

Now, the above lineup probably seems too good to be true, and it is at first glance.

It all comes down to common sense and balance.

I’m happy to discuss this further with you if you have any questions.

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Bill Lyons is the Founder, CEO & President of Griffin Funding. Founded in 2013, Griffin Funding is a national boutique mortgage lender focusing on delivering 5-star service to its clients. Mr. Lyons has 25 years of experience in the mortgage business. Lyons is seen as an industry leader and expert in real estate finance. Lyons has been featured in Forbes, Inc., Wall Street Journal, HousingWire, and more. As a member of the Mortgage Bankers Association, Lyons is able to keep up with important changes in the industry to deliver the most value to Griffin's clients. Under Lyons' leadership, Griffin Funding has made the Inc. 5000 fastest-growing companies list five times in its 12 years in business. Follow his updates on LinkedIn.