► If borrower has post-closing liquid assets greater than the loan amount the automatically qualify (minimum 25% down, more required with poorer credit). Can use 50% of 401k/IRA balances. This is a great program for a borrower that would otherwise have to pay capital gains tax and/or IRS penalties to liquidate funds to close.
► If borrower has high debt to income but substantial post-closing reserves we can use a portion of the assets to supplement income/ability to pay mortgage.
► Use bank statements combined with a borrower prepared Profit & Loss statement to document income for self-employed with no tax returns. Possible with as little as 10% down with 24 months statements and possible to use only 2 months of statements for 25% down payment.
► If one borrower earns 55% of the qualifying income may use their credit score only to qualify - minimum 5% down payment
► If selling one property to buy another may qualify for the new property WITHOUT selling or renting the old home or counting its payment as long as there's 25% equity and it's listed for sale
(minimum 20% down on purchase)
► Financing possible for borrowers with only 1 year history of a 2nd job, overtime, bonus or self-employment. Will also consider newly self-employed if transitioning from similar work as an employee.
► Written verification of employment for employed borrowers with no paystubs,
W-2's or tax returns - minimum 25% down
► Use alimony/child support with only a 1 month history of receipt
► Qualify on the subject cash flow only (no employment needed) as long as the rent exceeds PITI by $1, they qualify
► Property does NOT need a current lease - can use appraiser's market rent estimate
► Can be titled to an LLC
► Please keep in mind that this is only a sampling. The bottom line is that if a borrower has the ability to repay and equity in the property/purchase there are a LOT of options and we will review each situation to figure out the best one for the borrower - whether that's conventional or