How Alt Doc Loans Work…

Good Morning!

The Alternative Doc mortgage market continues to grow.

These are loans for people that can't prove their income via the normal Tax Returns or pay stubs.

Here is a brief summary of how some of these loans work...


Option 1: Bank statement loans.

Very simply we take the aggregate deposits of your bank statements (can be personal or business) and use this for your income.

Variables of Bank Statement loans…

24 Months of bank statements.

12 Months of bank statements.

2 Months of bank statements.

1 Month bank statement.

The reason we offer multiple options for months is that sometimes a 12 month average won’t work as good for the borrower as one month.

We offer down payments as low as 10% on owner occupied bank statement programs.

We also offer multiple ways of calculating deposits, which is very helpful if there are issues with one calculation method.

Rates on these program are usually only modestly higher than normal conforming rates.

 

Option 2: Asset Depletion

If you have no income to speak of, or at least you can’t prove your income via traditional means, or bank statements, then Asset Depletion may be an option for you.

If you have sufficient assets then we can use your assets in liu of income documentation.

We have down payments as low as 15% on Asset Depletion loans.

 

Option 3: Investor Debt Service Coverage.

This documentation option is for non owner occupied investment properties. It requires no income documentation. We use the income from the property (rental income) for the buyers income to get the loan approved.

 

Option 4:  No Ratio and Stated Income loans

No Ratio is stated income and verification of assets to close the transaction.  This is a non owner occupied investor loan only.

Stated Income and Stated Assets is also non owner occupied investor loans only.

We are experts at getting these loans closed and funded.

If you are needing an Alt Doc loan feel free to reach out to us with your questions, or apply now to get pre qualfiied.

If this sounds like a loan you can use to accomplish your goals then click the link below and apply.

We can usually close this loan in 2 to 4 weeks.

That's it for today!

Thanks for reading!

Approved For A Loan Here
My Previous Blog

No Down Payment At A Suburb Near You…

Good Morning!

Did you know there is zero down payment for USDA loans?   

As you may or may not know, the USDA loan program has geographic restrictions.

It's designed for outer suburbs and rural areas.

Using the Dallas / Fort Worth area as an example - If you wanted a home in Dallas you can't use a USDA loan (Because it's part of a big city).

However, there are still many desirable suburbs that are eligible for this 100% financing program.

Such as...

Prosper
Melissa
Anna
Celina
Forney
Red Oak
Ovilla

...and, of course there are many more.  And, you can do this with every major city in the country.

The point is many people are unaware you can still get homes in the suburbs of desirable cities for no down payment.

If you want to know if the area you are interested in is eligible for USDA, just reach out and ask us!

That's it for today.

Thanks for reading!

Get Pre Approved For A Loan Here
My Previous Blog

Best Way To Sell An Asset For House Down Payment…

Good Morning!

I've touched on this before, but I had this come up the other day, and thought I might touch on it again.

When you sell a personal asset such as a car or boat to raise money for a down payment to buy a house here is what you will need to show the underwriter to use the funds…

• The ownership of the asset (proof - such as a car or boat title)

• The transfer of ownership of the asset with its sale, such as a bill of sale or a statement from the
purchaser

• The receipt of the proceeds of the sale, such as a deposit slip, bank statement, or copy of the
purchaser’s check

That’s it for today!

Have a good day today! …and thanks for reading.

Brett

Get Pre Approved For A Loan Here
My Previous Blog

Good Morning!

I wanted to quickly go over the waiting period various loan programs have for Foreclosure.

FHA – 3 years from completion date. Exceptions with extenuating circumstances are allowed.

VA – 2 years from completion date with an automated system refer.

Fannie Mae – 7 years from completion date, or if you can get an automated approval sooner, the the wait can be less.

Freddie Mac – 7 years from completion date, or if you can get an automated approval sooner, the the wait can be less.

That’s it for today!

I hope you have a great day! Thanks for reading!

Get Pre Approved For A Loan Here
My Previous Blog

Don't Forget About This 100% Loan...

Good Morning!

If you want to buy a home with no money down you can always use the USDA program.
Here’s some great reasons to use our USDA program…
No Down Payment Required.
No Cash Reserve Requirement. No cash contribution requirement.
Unlimited seller concessions.
Unrestricted gifts.
First time home buyers allowed, but not limited to first time home buyers.
Non-traditional credit may substitute for lack of credit history.
Repair Escrow financed in loan up to $10,000 or 10% of loan.
That’s it for today!
Have a good day! …and thanks for reading.

Get Pre Approved For A Loan Here
My Previous Blog

Max FHA Loan For Your County...

Good Morning!

FHA loan maximums have gone up in most Texas counties recently.

To see where your county loan limit is you can click this link and put in your county name, or just select Texas and see the limits for every county…

https://entp.hud.gov/idapp/html/hicost1.cfm

Just thought you might want to know...

That's it for today!

Thanks for reading!

Get Pre Approved For A Loan Here
My Previous Blog

Don't Do This While Applying For A Mortgage...

Good morning!
Mortgage tip: If you are about to get into the loan process to buy or refinance a house – don’t go out and buy things on credit.
It sounds simple, and you would think most people would know this without being told.
I have a loan right now where a borrower got himself into trouble from doing just this very thing.
There are two possible complications: 1) You have to explain the inquiries on your credit., and 2) It will raise your debt to income ratio if you take on additional credit.
So, while you are in the loan process – don’t apply for anything that would involve credit (appliances, lawn equipment, etc.).
That’s it for today.
Thanks for reading!

Get Pre Approved For A Loan Here
My Previous Blog

Credit Tips For You...

Good Morning!

A good credit strategy is important. Knowing simple things to implement to improve your credit scores is half the battle.

Here are a few easy ways to improve your credit scores…

1) Did you know a single credit card late payment can ding your score by as much as 60 points?

a) Helpful strategy – set your payments up on autopay.

2) The quickest way to increase your credit scores are to decrease your credit utilization ratio. This is the amount charged on your accounts versus their total limit.

a) Best ratio is 10%. Certainly don’t go over 50%. (If limit is $1,000 try not to carry more than $100)

b) Another strategy is to ask for a higher limit to get your ratio more in line.

3) You can gain credit score points by paying off the credit card whose balance is closest to its limit.

However, don’t cancel the account after you’ve paid it down.

That’s it for today!

Have a good day! …and thanks for reading.

Get Pre Approved For A Loan Here
My Previous Blog