Despite Mortgage Interest Rates, Gig Workers Could Find It Easier to Qualify for Home Loans
"They're often paid in cash, don't use banks, or forgo the services of an accountant to prepare important documents."
LEWISVILLE, Texas, Oct. 4, 2022 /PRNewswire/ -- Global Home Finance, a leading mortgage loan originator serving consumers in Texas and Georgia, wants gig workers to know that qualifying for a mortgage is easier, in spite of rising interest rates because Fannie Mae and Freddie Mac—the nation's two largest home loan funders—have begun loosening their well-known tight underwriting standards, enacted in response to COVID-19.
"Gig workers include Uber and Lyft Drivers, delivery service drivers, independent contractors, temp workers, and anyone else who enters into an agreement to provide services on-demand," says Brad Cahoone, President of Global Home Finance. "They're often paid in cash, don't use banks, or forgo the services of an accountant to prepare important documents."
As COVID began ravaging the economy, Freddie Mac and Fannie Mae required lenders to obtain a year-to-date profit-and-loss statement reporting revenue, expenses, and net income from self-employed borrowers. This and other onerous requirements prevented many gig workers from becoming homeowners.
Recently, both funders started pulling back on those stipulations. Now, lenders are offering gig workers specialty loans. "We have multiple custom mortgage solutions including the NINJA home loan, which is specially designed for business owners and gig workers," Brad continues.
"If you're self-employed and dreamed of home ownership, now is the perfect time to make your dream a reality. Connect with us to explore the mortgage options available for special situations like this," says Brad.
Whether buying your first home or refinancing an existing mortgage, Global Home Finance can help you find the custom mortgage solution that fits your needs. With access to funds from dozens of wholesale and correspondent mortgage lending entities we've used for over a decade, you can expect superior pricing and the most diverse product set under one roof.
We save you time, help you avoid frustration, and add value to every interaction. Some of our top mortgage solutions include: down payment assistance, NINJA home financing, no closing costs mortgage, zero down home loan, no income verification mortgage, and more in Texas and Georgia.
Global Home Finance is A+ rated by the Better Business Bureau and has had no complaints filed with the Bureau in the last 3 years! We're also members of the Mortgage Bankers Association and the Texas Association of Mortgage Professionals.
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SOURCE Global Home Finance
