[Mortgage] Home Loans – with Alternative Documentation] Bank Statement Program Alternative income loan options income!
Home loans and mortgages are readily available for self-employed borrowers who may not be able to prove their income with standard documentation loans. As an example of Non – Qualified loans which are loans that can be done with alternative documentation other than income taxes. These loans will typically require a minimum down payment of 10%. The interest rate will of course be a little higher than a standard conventional or government loan since the risk is higher than standard income proof loans, but the opportunity to buy a home still exists for those without other proof of income,. Often, a borrower would be able to buy a home through these bank statements and other non-QM loans and then refinance into a lower interest rate conventional type loan when the proof of income situation changes. For investment properties, there are programs that would allow for the property rent to cover the loan amount and then it would be considered an acceptable risk. In the olden days of the mortgage industry (just 10-15 years ago) we were able to do no doc loans with no income verifications. Also called stated income loans or a no doc mortgage, this no proof of income loan which the CDFI license allows because of the Ability to repay rules are not in effect. This is not the same as a bank statement loan. It truly is a no docs home loan, So when you can’t prove income with income taxes, but you want to buy a home there are alternative documentation loans including bank statement programs and No Income documentation loans! sometimes called stated income loans – except with this loan you don’t even state income! There are no debt ratios used on this loan whatsoever on this “NON” stated income mortgage! Common today is a bank statement loan program, where the borrower will provide 12 – 24 months of bank statements on personal and sometimes business income taxes. These programs are readily available today throughout the mortgage industry. What makes our No Income Documentation Loan unique is a special license called CDFI. The What Is CDFI Certification? CDFI Certification is the U.S. Department of the Treasury’s recognition of specialized financial institutions serving low-income communities. CDFI Certification opens the door to opportunities for CDFIs to excel—both operationally and financially. Through Certification, CDFIs are qualified to apply for technical assistance and financial assistance awards, as well as training provided by the CDFI Fund through the Capacity Building Initiative. So now finally, you can once again obtain a mortgage with no debt ratio, not even a stated income, no income proof, those that can’t prove income will be thrilled that they can buy a home with this no income home loan, no docs, no doc mortgage! This no doc loan used to be called a stated income loan but in this case, there is no stated income! A true no income loan program, which makes it the fasted home loan that you can get! These instant loan without bank statement loans (we can close in 10 days!) are quick easy and legal because of the CDFI license. A without bank statement loan – also called no doc loans to require absolutely no income verification at all. They require a credit report and proof of funds for the down payment and required reserves. Reserve amount is based on credit score and down payment amount. These no income proof loans also called a no doc loan or a stated income (even though the income is not even stated on the application) do need a higher down payment and the rates are not the same as FNMA or Freddie Mac conventional loans, FHA mortgage loans and VA loan, but are a simple way to purchase a home and are often used for a short-term loan and then refinance to more standard type loans.
http://www.FireYourLandlord.info for FHA loan application online. Apply online. even FHA Loans bad credit! FHA Loan guidelines for FHA mortgage loans are the same in California and nationally. ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
For an FHA mortgage, or if you have an FHA loan question, call Chris an FHA Loan Officer! Fire Your Landlord with home loans to qualify to buy a home! Mortgage loan Steps to buy a home with an FHA Home loan!
Chris Trapani NMLS# 240870
EZ Fundings 8577 Haven Ave, Suite 201
Rancho Cucamonga, CA 91730