These loans are designed for self employed people that have trouble proving their income through traditional means. 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…
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…
I had this situation come up again last week, and I wanted to address it again with you… Did you realize that when buying a house from an immediate family member – the buyer doesn’t have to come out of pocket for a down payment? (As long as it’s an owner occupied residence for seller…
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…
I wanted to remind you that we have a 2% to 5% downpayment and closing cost assistance program called “Homes for Texas Heroes”. If you are in one of the following professions you may qualify for this purchase program: Professional Educators, Which Includes The Following Full-Time Positions In A Public School District: School Teachers, Teacher…
If you receive money from the State or a County sponsored organization for providing foster care for children you can use this money as income to get a mortgage. Foster care income is considered acceptable stable income as long as the borrower has a 2 year history of providing foster care services. To prove this…
Do you have investment property, and would like to pull cash out of your property? However, for some reason you can’t provide income documentation to your lender to get a cash out loan. We have solutions! We have loan programs that will allow you to pull cash out of rental property with no income documentation…
I wanted you to know about a mortgage program that doesn’t require any income documentation when purchasing an investment property. It’s called a Debt Service Coverage Loan. And, the rent from the property is the only income you need. No tax returns, or paystubs needed. Down payment on this program ranges from 10% to 20%.…
The bad news is that according to Redfin, 38% of U.S. renters don’t believe they’ll ever own a home, up from 27% a year ago. 35% of renters noted the ability to save for a down payment as a major hurdle preventing homeownership. The good news is that we have a solution. We have many…
I wanted to let you know we have a 2% to 5% downpayment and closing cost assistance program called “Homes for Texas Heroes”. If you are in one of the following professions you may qualify for this purchase program: Professional Educators, Which Includes The Following Full-Time Positions In A Public School District: School Teachers, Teacher…