Best Mortgage Lenders for Self Employed

Top mortgage lenders offer competitive rates and simple applications, even if you don’t have a W2. 

If you’re self-employed, you might worry about your ability to qualify for a mortgage. While it’s true lenders may want to see additional documentation proving income from self-employed borrowers, there are still plenty of great mortgage options for these applicants. 

“When it comes to self-employed lenders, Bank of America has specialized programs that cater to self-employed individuals, and they often provide flexible documentation options. Guild Mortgage and New American Funding are also worth mentioning, as both are known for flexible loan options tailored to people with unique income situations and experience working with self-employed borrowers,” said Baruch Mann (Silvermann), CEO and founder of The Smart Investor. 

We researched mortgage lenders and consulted experts to identify these and other top picks for self-employed borrowers to ensure you can find an option that works for you when you are ready to buy a home. Read on to learn more. 

7 Best Mortgage Lenders for Self-Employed Borrowers

• Best Overall: CrossCountry Mortgage
• Best for Flexible Loan Options: Guild Mortgage
• Best for Quick Closing: New American Funding
• Best for Existing Bank of America Customers: Bank of America 
• Best for Refinancing: Rocket Mortgage
• Best for Competitive Rates: Angel Oak Mortgage Solutions
• Best for First-Time Homebuyers: North American Savings Bank

Best Overall: CrossCountry Mortgage

Pros: 

• Wide variety of mortgage products
• Offers various down payment assistance programs
• Provides niche products like bank statement loans
• Works with many state homebuyer assistance programs

Cons: 

• Not available in all states

CrossCountry Mortgage makes it easy for all types of homebuyers to get approved for a mortgage. Their flexible requirements can help you secure financing without employment or income verification and minimum DTI. CrossCountry Mortgage offers traditional loan terms as well as more flexible home payment plans with its 40-year loan program.

It’s also easier to get approved if you’re self-employed. Tax returns are not required; you’ll only need one year of self-employment income history and a minimum credit score of 580. CrossCountry Mortgage can also help you get approved based on assets like bank statements, stocks and bonds or retirement accounts. 

Specs:

• Minimum credit score: 500
• Minimum down payment: 3%
• Loan types offered: Conventional, FHA, VA, USDA, non-QM and Jumbo loans
• States served: California, Colorado, Connecticut, DC, Florida, Georgia, Illinois, Maryland, Massachusetts, Michigan, New Hampshire, New Jersey, New York, North Carolina, Ohio, Pennsylvania, Rhode Island, South Carolina, Tennessee, Texas, Virginia and Washington.

Best for Flexible Loan Options Guild Mortgage

Pros: 

• Wide range of loan options, including specialty programs like physician mortgages
• No down payment program options
• Branch locations across the country for in-person support
• Offers calculators for estimating your mortgage cost, required income and more

Cons: 

• Interest rates not published online
• Branch locations not available in every state

Guild Mortgage has an option for all borrowers, offering a robust lineup of mortgage types, including conventional loans, new construction loans, manufactured home loans and more. The lender also supports several programs that pave a path to homeownership for first-time homebuyers and underserved communities, including the 3-2-1 Home Plus program and Special Purpose Credit Programs. 

Borrowers worried about their qualifications will also be glad to learn that Guild has the option to only perform a soft credit pull for its mortgage preapproval, allowing potential borrowers to lock in a rate before undergoing a hard credit check. 

Specs:

• Minimum credit score: 540
• Minimum down payment: 0% with eligible down payment assistance program
• Loan types offered: Conventional, FHA, VA, USDA, manufactured home, new construction and Jumbo loans
• States served: All states, except New York

Best for Quick Closing: New American Funding

Pros: 

• Guaranteed closing in 14 business days
• Extensive learning center for learning about mortgage process
• Mortgage calculator
• Offers unique products, including non-QM and interest-only loans 

Cons: 

• Minimum credit score is high 
• Some fees not disclosed

New American Funding is a top choice for those looking for quick mortgage closings. The company has a reputation for providing efficient and fast services to its customers, making the homebuying process a smooth experience.

One of the main reasons New American Funding is known for quick closings is its streamlined and efficient process. From pre-approval to closing, the company ensures that all necessary steps are taken in a timely manner, eliminating unnecessary delays that often occur with other mortgage lenders.

Additionally, New American Funding offers a variety of loan options to meet the needs of different borrowers. Whether you are a first-time homebuyer or a seasoned investor, the company has a wide range of loan programs, ensuring that you find the perfect fit for your financial situation.

Specs:

• Minimum credit score: 580
• Minimum down payment: 3%
• Loan types offered: Conventional, FHA, VA, construction, USDA, non-QM, interest-only and Jumbo loans
• States served: All 50 states

Best for Existing Bank of America Customers: Bank of America 

Pros: 

• Branch locations across the country for in-person support
• Preferred Rewards members with qualifying balances can save on origination fees and interest rates
• Check current rates for your location
• Offers physician mortgages

Cons: 

• Does not offer USDA loans
• Preferred Rewards discounts limited to high account balances

Bank of America offers a variety of mortgage products and services to help make homeownership more accessible. These include an Affordable Loan Solution product with a low down payment and grant programs for both down payments and closing costs. The bank’s extensive collection of resources on the homebuying process makes it easy for first-time homebuyers to navigate the experience. 

Plus, existing Bank of America customers may qualify for discounts on their mortgage origination fees or even reductions to their interest rates, thanks to the Preferred Rewards program. The loyalty program offers up to 0.25% lower interest rates and up to $600 off origination fees for qualifying members. However, you’ll need high balances with Bank of America or Merrill to qualify for the best discounts. 

Specs:

• Minimum credit score: Not disclosed
• Minimum down payment: 3%
• Loan types offered: Conventional, FHA, VA and Jumbo loans
• States served: All 50 states

Best for Refinancing: Rocket Mortgage

Pros: 

• Variety of loan options, including refinancing loans 
• RateShield allows you to lock in an approved rate for up to 90 days
• Home loan application process can be completed in minutes
• Offers online software and tools to navigate the entire homebuying process

Cons: 

• No physical branch locations
• Does not offer USDA loans

Rocket Mortgage (formerly known as Quicken Loans) is one of the top-rated lenders by its customers. It offers many types of mortgages, including government-backed and adjustable-rate mortgages (ARMs). Rates are consistent with the market, and Rocket Mortgage helps self-employed individuals get approved.

Rocket also offers an accessible online application for its loans, with a dashboard for tracking your process, updated rates and access to customer support. Borrowers report positive experiences with support representatives as well and the lender has a 4.7-star rating on TrustPilot. 

Specs:

• Minimum credit score: 580
• Minimum down payment: 3%
• Loan types offered: Conventional, FHA, VA and Jumbo loans
• States served: 46 states (excluding Iowa, Maryland, Nevada and West Virginia)

Best for Competitive Rates: Angel Oak Mortgage Solutions

Pros: 

• Offers a wide range of non-QM (non-qualified mortgage) loan products
• Flexible income verification options, including bank statements and assets
• Loans available for foreign nationals and ITIN holders
• Dedicated loan officers for personalized service

Cons: 

• Limited availability in some states
• Higher interest rates compared to conventional loans

Angel Oak Mortgage Solutions is a full-service mortgage lender offering traditional and portfolio loans. Its Bank Statement program is a loan option for eligible self-employed borrowers to purchase or refinance a home. This program uses personal or business bank statements to calculate income without requiring tax returns.

Angel Oak Mortgage Solutions provides loans ranging from $150,000 to $3 million and caters to mortgage applicants who have experienced foreclosure, short sale, bankruptcy or deed-in-lieu by requiring two years of seasoning.

Their loans are available for purchase, cash-out or rate-term refinance for primary residences, second homes or investment properties. They accept applications for single-family homes, townhomes and condos, including non-warrantable ones.

Angel Oak Mortgage Solutions also offers flexible income options, including submitting 12 or 24 months of business or personal bank statements and using 1099 income. They also offer a unique 40-year fixed interest-only option to provide additional flexibility for borrowers.

Specs:

• Minimum credit score: 640
• Minimum down payment: Not disclosed
• Loan types offered: Non-QM and Jumbo loans
• States served: Alabama, Arizona, Alaska, California, Colorado, Connecticut, Florida, Hawaii, Idaho, Indiana, Illinois, Kansas, Kentucky, Louisiana, Maine, Maryland, Mississippi, Minnesota, Michigan, Missouri, Montana, Nebraska, Nevada, New Hampshire, New Jersey, New Mexico, North Carolina, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Carolina, South Dakota, Tennessee, Texas, Utah, Virginia, West Virginia, Wisconsin, Wyoming

Best for First-Time Home Buyers: North American Savings Bank

Pros: 

• Offers several first-time homebuyer programs for education, down payment assistance and more
• View personalized rates based on your location, down payment and credit score
• Competitive fee structure
• Wide range of non-QM mortgage options 

Cons: 

• Minimum credit score might be a bit high
• Limited physical loan offices

When you want a bank statement-only loan, you can turn to North American Savings Bank because the firm only asks that you provide 12 months of consecutive bank statements to qualify when you’ve been in the same line of work for many years. While most other banks expect you to provide years of statements, NASB knows that you might have begun your self-employment timeline sooner rather than later, even though you’ve been working for quite some time.

You can obtain loans from around $200,000 to $1 million while putting 10% down on the loan. Put 10% down with mortgage insurance or pay 20% down to eliminate your PMI. A high 45% debt-to-income ratio makes it easier for mortgage applicants to qualify, and you must escrow your taxes and insurance (which is convenient at the end of the day).

Specs:

• Minimum credit score: 580
• Minimum down payment: 3%
• Loan types offered: Conventional, FHA, VA, non-conforming and Jumbo loans
• States served: All 50 states

What Are Mortgage Lenders for Self-Employed Borrowers?

A mortgage works the same whether you are self-employed or have a W-2 position, but the application process might be a bit different. 

“If you are self-employed, lenders will need your last two years of tax returns with all schedules. If you file separate returns for business, you will need to show both personal and business returns. For self-employed borrowers, the last two years of income are reviewed. Most lenders will do loans for self-employed individuals, but it’s always a good idea to ask if your lender is familiar with calculating self-employment income,” explained Rose Krieger, senior home loan specialist for Churchill Mortgage.

The best mortgage lenders for self-employed borrowers are familiar with this process and experienced with working with these kinds of applicants. This helps to streamline the application process if you are self-employed and ensures the agent you work with can answer any related questions. 

Why You Should Trust Us

Emily Sherman is a finance journalist who has written about topics including the best mortgage lenders for the past seven years for various applications. In addition to firsthand experience securing a mortgage as a self-employed borrower in 2024, she relies on industry experts and loan specialists to ensure all of the information presented here is accurate. 

Methodology 

To determine the best mortgage lenders, Benzinga analyzes lenders based on the most important features for borrowers, including rates and fees, loan options, customer service, application processes and credit score requirements. We prefer loan providers with many loan options, including those for nonconventional borrowers. We also favor lenders with accessible online application processes and responsive, available customer support. Review the full methodology here. 

Frequently Asked Questions

Sources: 

• Baruch Mann (Silvermann), founder at The Smart Investor
• Rose Krieger, senior home loan specialist at Churchill Mortgage Corporation