More Options to Get Approved for a Mortgage
Conventional, FHA and VA loans:
Any and every lender can offer you a conventional, FHA or VA loans. These are the typical loans that everyone has, including me. You can see my live mortgage rates for these programs on my HOME page. Let's talk now about the other options that I can offer you in case your situation doesn't fit under a regular conventional, FHA or VA loan.
Bank Statement loans:
Typically this loan is used by self employed people when their taxes do not reflect enough income to get approved for a conventional loan. On a bank statement loan, I will only ask for your bank statements from the last 24 months, 12 months or even 3 months. Income for the mortgage will be based on the deposits showing on the bank statement. You need to be self employed for at least 1 year to qualify for this program.
Profit and Loss Loans:
Also for self employed individuals. Instead of using taxes or bank statements, you can have your CPA prepare a profit and loss statement and we will use that income as the base for the mortgage.
No Income Loan for Investors:
If you are planning to buy a house to use it as an investment (for rent), then you can use this program. It is based only on the equity of the house, your FICO score and the estimated rent to be received. It needs minimum a 20% down payment (depending on your credit score). An appraiser will go to the property you are planning to buy and will calculate the estimated purchase price, AND the estimated rent value. As long as the estimated rent is the same or higher than the total monthly payment of the mortgage, then you qualify. Very easy.
No Income for Primary Owners:
If you want to buy a house to live on but you are not making any money, or you are not doing enough, then I also have a program for you. I will put $1 for income on the application and your qualification will be based on the down payment and your FICO score. If your Fico is 640 - 679 then you will need to put 35% down payment. FICO score 680 - 739 is 25% down payment and 740 or higher then 20% down payment.
These programs are for people living in a different country that want to buy a house in the US as a second home or investment. Minimum down payment is 20%, but the loan has a lower rate if the client can put 30% down.
These are just an example of some of the programs I have. There are many other options and my lenders are always changing their loan programs. So please, don't get stuck with the conventional, FHA and VA loans. Call or Email me, let me know your situation or have your realtor call me, and I will let you know if I can help you without even running your credit score.