SELF-EMPLOYED IN THE CANNABIS INDUSTRY?
WE HAVE MORE REASONS TO SAY YES.
* Instead of the traditional credit score model for most bank programs, we perform our own comprehensive review of the applicant's complete credit profile and background.
* Escrow accounts not required, unless the home being financed is located in a FEMA-designated Flood Zone.
Minimum Down Payment
NOTE: if you own 10% or less of the cannabis business, then you may be eligible for as little as a 3% down payment using our CONVENTIONAL loan program. (see loan originator for details)
Minimum Down Payment to avoid PMI
PMI (Private Mortgage Insurance)
Choice of Qualifying via either:
Income Tax Returns OR
Bank Statement Deposit Income »
Minimum mid-credit score
Min/ Max Loan Amount
$100,000 - $3MM
Loan Repayment Terms
30 Year Fixed Rate / 5/1 ARM / 7/1 ARM
None for Owner-Occupied Homes or Second Homes.
Investment properties Only - 6 months interest on 80% of the original principal balance
Recent Housing Events
Min 24 months - OR-1 day minimum (See Loan Originator for details)
Max Seller Contributions
6% for Owner-Occupied or Second Homes
2% for Investment Homes
Escrows for Property Taxes and Home Insurance required
Primary Residence / Second/ Vacation Home / Investment
Acceptable Property Types
Single Family, Townhome/ Villa/ Condominium/ Condotel or Non-Warrantable Condominium
UNACCEPTABLE Property Types
Manufactured Homes, Modular Homes, Mobile Homes, Raw Land, Condotels, Log Homes, Dome Homes, Tiny Homes, Commercial Mixed-Use
We also accept 1099 Independent contractors for Cannabis and hemp based businesses. (Must be working for the same business for at least 2 years or longer)
At a Glance
DID YOU KNOW?
WE OFFER 4 DIFFERENT PROGRAMS THAT ACCEPT CANNABIS INDUSTRY BUSINESS OWNERS, CONTRACTORS AND EMPLOYEES.
This program was designed for SELF-EMPLOYED CANNABIS BUSINESS OWNERS using Tax Returns and/or Asset-based Lending.
YES! Our BANK STATMENT LOAN PROGRAM accepts CANNABIS Businesses. If you are not showing sufficient income on your tax returns, but your business deposits show a different picture, then be sure to check out this program.
If you are a W2 WAGE EARNER, we accept Cannabis Industry Employees for Conventional Home Loans with as little as a 3% down payment.
NOTE: This option is ONLY for W2 Employees who DO NOT OWN any part of the Cannabis business itself.
If you are a 1099 WAGE EARNER or INDPENDENT CONTRACTOR IN THE CANNABIS INDUSTRY working at the same company for at least 24 months or longer, you can buy a home with as little as a 10% down payment.
HAVE A QUESTION?
This is not a commitment to lend. Not all borrowers will qualify for the loan programs listed. All program terms and conditions are subject to change and may be discontinued without prior notice. Contact loan originator for program questions and scenarios.