Embrace Home Loans' Dan Kenyon Has Solutions for Every Home Buyer

Rhode Island - ​Whether you're self-employed, house-hunting on a budget, or looking to invest in rental property, Dan Kenyon says there's likely a loan program out there for you—you just need to know where to look.
Kenyon is a Senior Loan Officer with Embrace Home Loans, where he has spent the last 14 years helping Rhode Islanders navigate the often complex world of home financing. With over 1,000 clients served and a string of industry accolades to his name—including five-time membership in the Presidents Club and recognition as a Top 1% Mortgage Originator in 2021—Kenyon has built a reputation as one of the state's most trusted lending experts.
"People don't know what they don't know," he says. "And sometimes just having that piece of information can put them on a path. It may not be today, but down the road, they can break free of being a renter and own their own property."
Special Programs for the Self-Employed
One of the biggest barriers to homeownership, Kenyon explains, is the unique challenge faced by self-employed buyers. Traditional mortgage applications rely heavily on tax returns to verify income—but for those who write off significant expenses, those returns often paint an incomplete picture.
To address this, Embrace Home Loans offers two specialized programs that sidestep the need for tax return income verification entirely.
The first is a bank statement program. Rather than relying on tax returns, lenders analyze 12 to 24 months of bank statements to calculate a borrower's average monthly income.
"I had a gentleman in Washington State who showed $14,000 a month on his tax returns," Kenyon recalls. "But when I took 12 months of bank statements and divided by 12, he had $47,000 a month in income. That allowed him to buy a $1.4 million home—a home he otherwise wouldn't have been able to qualify for."
The second program targets self-employed individuals who receive 1099s instead of W-2s. Under this option, borrowers can use 90% of their gross 1099 income—regardless of what their tax returns show.
"If you're making $100,000 a year in 1099 income, we can qualify you on $90,000," he says. "That's a huge difference if your tax returns don't reflect that."
Kenyon is quick to point out that these programs are a far cry from the loose lending standards of the mid-2000s. "Back then, it was the Wild West," he says. "People would walk in, state an income, and get a home. These programs are different—you still have to prove your income. You're just using bank statements or 1099s instead of tax returns."
Renovating? There's a Loan for That
For buyers interested in purchasing a fixer-upper, Kenyon highlights the FHA 203(k) program, which allows buyers to roll the cost of renovations into their mortgage.
Here's how it works: if a home is listed at $400,000 and needs $30,000 in upgrades, the buyer can take out a single mortgage of approximately $430,000. The renovation funds are then available to be drawn down over a period of up to six months following closing.
"You're buying the home and repairing it or upgrading it the way you need," Kenyon explains. "The contractor does need to be familiar with the program and submit a bid that gets approved, but once that's in place, it's a very powerful tool."
Down Payment Assistance: Not Just for First-Time Buyers
Many buyers assume down payment assistance programs are exclusively for first-time buyers. Kenyon says that's a common misconception.
Rhode Island Housing, Connecticut Housing, and Massachusetts Housing all offer assistance programs that provide up to $15,000 in Rhode Island and up to $25,000 in Connecticut and Massachusetts—funds that can be applied toward a down payment or closing costs.
And while these programs do target first-time buyers, similar options are available to those who have owned a home within the past three years.
"If you've already sold your home and you're looking to buy the next one, you can still access down payment assistance," Kenyon notes. "It may look a little different than the first-time buyer program, but the money is still there."
Building Credit Before You Buy
For buyers with credit challenges, Kenyon offers a no-cost credit repair service that helps borrowers identify and address issues that may be dragging down their score. Embrace currently offers programs for buyers with a credit score as low as 550, but Kenyon says a higher score almost always translates to a better interest rate.
"It doesn't cost the customer anything," he says. "We review what can be done and what can't, and work to move that score to a better position before they apply. It's an added benefit to ensure they come out with the best rate and payment possible."
Investing in Rental Property
For would-be real estate investors, Kenyon points to the Debt Service Coverage Ratio (DSCR) loan—a product designed specifically to simplify the investment property buying process.
Unlike traditional loans, DSCR loans don't require borrowers to submit personal tax returns, pay stubs, or a full rundown of existing debts. Instead, qualification is based primarily on whether the expected rental income from the property covers the mortgage payment.
"If the rents on the property cover the mortgage, you're buying the home," Kenyon says. And unlike traditional investment property loans, which typically require a 15–25% down payment, Embrace's DSCR program now allows buyers to put down as little as 10%.
"If you've been sitting on the sidelines wanting to buy an investment property, the DSCR loan is the best path forward," he says.
Start with a Conversation
With a licensing footprint spanning 26 states and an office on Main Street in downtown East Greenwich, Kenyon works with buyers at every stage—from first-time homeowners to seasoned investors. His advice for anyone thinking about entering the market is straightforward: don't wait until you're ready to buy to start asking questions.
"It just takes a conversation," he says. "Know your ceiling, know what you're comfortable with, and then we figure out which path gets you there."
Dan Kenyon is available by phone or text at 401-378-0441, and by email at [email protected]. He is available seven days a week, including weekends.