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Manny Caruso

MORTGAGE AGENT

FSCO LICENSE # M10001404

Self Employed

This program is designed for self-employed borrowers who are unable to provide traditional income verification but have a proven 2-year history of managing their credit and finances responsibly. Eligible borrowers typically own a small size business for a minimum of two years, which can be confirmed via a third-party arms length document. In addition, the borrower is required to declare their annual income, which should be reasonable based on the industry, length of operation and type of business.

  • Maximum 2 units where 1 unit must be owner occupied
  • New construction or existing properties
  • New construction covered by a lender approved New Home Warranty Program
  • Readily marketable residential dwellings, located in markets with demonstrated ongoing re-sale demand
  • Estimated remaining economic life of the property should be a minimum of 25 years
  • The income reported by the borrower must be reasonable based on the industry, length of operation and type of business
  • Strong credit and credit score with minimum 2 trade lines with at least two (2) years history (for recommended bureau score requirements see the premium matrix below)
  • Refinance transactions: Minimum credit bureau score of 650 is recommended
  • No mortgage, installment or revolving credit delinquencies appearing on the credit bureau in the past 12 months
  • No reported defaults on residential mortgages for the past 7 years
  • No previous bankruptcy
  • Minimum 5% down payment from the borrowers own savings. The remainder may be gifted from an immediate family member. Borrowed down payments are not permitted.
  • Borrowers with commission income are ineligible
  • Lender to ensure borrower(s) have no tax arrears
  • All applicants used to qualify must occupy the property (If two unit property, one unit must be owner occupied)
  • Spousal guarantors acceptable

Click here to fill out a short application and get a no-obligation mortgage quote, or contact me directly.