How To Get A Mortgage If You Can't Prove Your Income With Tax Returns...

 If you want to purchase or refinance a house, but you have a hard time proving traditional income, here are some options for you…

Alternative Documentation loans are loans that allow you to use alternative documentation to prove your income. That is, other than the traditional Tax Returns, or W-2’s and Pay stubs.

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 Programs 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 Lieu 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 Qualified.
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.

 

If you or someone you know needs a loan like this, just reach out to our office.  We are ready to help.

That’s it for today!

Thanks.

Brett

Get Pre Approved For A Loan Here
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One Way Around Disputed Accounts...

 I want to give you a possible solution to a problem I see every day.

Disputed accounts.

Usually when I see someone with alot of disputed credit accounts its because a borrower has hired a company to try to “improve” their credit scores.

Often they are surprised to learn when they apply for a mortgage their loan officer, or the underwriter will want the disputes to be removed.

If you have alot of disputed accounts removing these disputes can be quite a chore. …and, it can take alot of time.

If the clock is ticking on your closing date this can often mean disputed accounts can kill a contract. …you just don’t have the time to remove them.

Here is one way to solve this problem without removing a single dispute:

Ask your loan officer to have the loan underwritten as a manually underwritten FHA loan. The underwriter can manually underwrite an FHA loan with the disputes in place. …they don’t have to be removed.

Problem solved.

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

Brett

Get Pre Approved For A Loan Here
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How To Get Your Cash Back Out When Purchasing Home For Cash...

 If you purchased a home using your own cash, and now would like to pull your cash back out – we can do that.

This type of loan is called ‘delayed financing’.  …and, you can get your cash back out of the house.

In fact, we do these types of cash out loans up to three million dollars.  Many companies won’t lend cash out over 500k, but we do!

…so, if you are in need of a loan like this – shoot us an email or give us a call.  We can help!

That’s it for today!

Thanks for reading!

Brett

Get Pre Approved For A Loan Here
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Two Ways You Can Avoid Paying Mortgage Insurance...

 If you have a conventional loan, and your loan to value ratio is over 80% – you will be paying monthly mortgage insurance to the lender.

No one likes paying monthly mortgage insurance. It’s extra money added to your payment every month, and it doesn’t help pay down the balance of the loan.

If you want a conventional loan and your LTV is over 80%, but don’t want to pay monthly mortgage insurance, here are two ways to avoid this…

1) One would be Lender Paid Mortgage Insurance. We pay the MI for you. The rate generally is .25 to .375 higher, but there is no monthly mortgage insurance.

2) Get a piggyback loan. This is where we make two loans for you. …A first mortgage at 80%, and a second mortgage at 15%. This way you just put down 5%, and there is no monthly mortgage insurance payment.

That’s it for today!

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

Brett

 

Get Pre Approved For A Loan Here
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Know Where Your Down Payment Is Coming From...

 One of the most important things you will have to do when you apply for a loan is to show that you have the money for the down payment.

This is called “sourcing down payment funds”.

For instance, the down payment on an FHA loan is 3.5%.

You can have this money in your checking account or savings account now. You can borrow it from your retirement account. …You can even get the down payment as a gift.

…but, it’s crucial that we are able to show where it’s coming from.

I can tell you that cash is a problem when it comes to sourcing your down payment. You will need to put it in the bank and leave it for 60 days before we can use it.

If you aren’t sure where your down payment is coming from – find out now. …before you apply for a loan.

That’s it for today!

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

Brett

 

Get Pre Approved For A Loan Here
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No Money Down To Purchase Your House On This Program...

 If you are looking for a home in the outer suburbs or in a rural area make sure your realtor knows about this great USDA 100% financing program.

-Up to 100% of the Appraised Value – Total LTV of 102% –

-No Down Payment Required

-No Cash Reserve Requirement. No cash contribution requirement

-Unlimited seller concessions

-Unrestricted gifts, not necessary to document source, no seasoning

-First time home buyers allowed, but not limited to first time home buyers

-Collections over 1 year may not need to be paid (cannot be a pattern and depends upon credit score).

-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.

Brett

Get Pre Approved For A Loan Here
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100% Financing On This Product...

 Would you like to buy a nice home in the country or an outlying suburb with no money down?

Here’s a program that might work for you…

It’s called USDA, and here are some details on this program…

-Up to 100% of the Appraised Value – Total LTV of 102% –

-Difference of sales price and appraised value can be used for closing cost

-No Down Payment Required

-No Cash Reserve Requirement. No cash contribution requirement

-Unlimited seller concessions

-Unrestricted gifts, not necessary to document source, no seasoning

-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!

If you or someone you know needs this program, have them give our offices a call.

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

Brett

Get Pre Approved For A Loan Here
My Previous Blog

Buying A House Using A Reverse Mortgage...

 Hello!

I’ve written about this before, but we have more and more people passing the age 62 threshold, so I wanted to show you how to buy a house with a reverse mortgage.

I had a borrower that was recently retired, and now living on a fixed income.

They owned their home free and clear, and lived in a small town not too far from Dallas.

Their home was worth around $150,000.

Both husband and wife decided they didn’t want to live their retirement years in their current home.

…they wanted to spend their retirement on or near a lake. …so, they found a house they liked on a nearby lake for around $295,000.

They didn’t have the cash to buy the new home outright. …and, they didn’t really want to take on mortgage payments at this stage in their lives.

I suggested they use a Reverse Mortgage to purchase the home. Here’s how it worked…

They sold their current home and put down their proceeds from the sale as their down payment. Instead of getting a traditional mortgage to pay the difference between their down payment and the sales price – we used a Reverse Mortgage.

The result is they get to retire on a lake in a home worth twice what their old home was worth. They put down less than half the sales price. …and, they will never make another mortgage payment for the remainder of their lives!

So, if you or someone you know may benefit from this – please reach out to us.  We would love to help!

That’s it for today!

Thanks for reading!

Brett

 

Get Pre Approved For A Loan Here
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