Since 2008 happened there has been a void in the mortgage market.
When I say a “void” I mean there hasn’t been a loan available to serve a specific section of the mortgage market.
This “void” has been the following…
A person who is self employed (either owns their own business, or is a 1099 commissioned earner).
They have good to great credit.
They “maximize their deductions” so to speak and don’t necessarily show alot of income. Thus, they can’t prove alot of income.
There just hasn’t been a loan for these people since 2008.
Until now.
We now have a unique program designed for this exact borrower!
Here are some details about this program…
1) Borrower can use 12 months of Bank statements to prove income (from deposits – must be personal bank statements).
2) Conventional loans to $1 Million.
3) 700 FICO, 5/1 ARMs only, Purchase/R&T/Cash Out!
4) 75% LTV Primary Residence. This means you need 25% equity on a refi, or you have to put down 25% on a purchase.
5) Self Employed Only.
…and, believe it or not rates are pretty darned good on this program!
If you or someone you know fits into this category – give me a call or shoot me an email! I would love to help you out!
That’s it for today!
Have a good day! …and thanks for reading.
Brett
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