More and more of us are working non-traditional jobs as our careers. When it comes time to buy a house, not everyone has the specific documents and qualifications for a conventional loan. Fortunately, there are plenty of options to for you to become a homeowner – as long as you’re able to prove creditworthiness.
Bank Statement Solution – Ideal for self-employed borrowers
Self-employed borrowers may not qualify for a conventional loan with tax returns. In order to prove creditworthiness, our 12-month and 24-month options ask borrowers to provide either 1- or 2-years’ worth of bank statements to verify income. You don’t need a perfect credit score to qualify, either!
Independent Contractor Solution – Ideal for borrowers who are independent contractors & consultants
Like the Bank Statement Solution, this option allows people without typical sources of income to verify their income. Borrowers can show 1 – 2 years of 1099’s to qualify for this loan. People who make most of their money from commission, for example, would be good candidates for this solution.
Investor Solution – Ideal for investors
If you’re buying a home as an investment only, look no further! This program is suitable for clients seeking to own multiple investment properties. To verify income, this program only looks at cash flow related to the investment property. The loan amounts are typically higher, can be closed as an LLC or corporation, and with a fair – good credit score.
There are a ton of options for you. It can be a bit overwhelming on the surface. That’s why we have a team of expert loan originators available to walk you through this process. Get in contact with us today to figure out what program is right for you.