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David A. Krebs is a licensed mortgage broker with over 15 years of experience offering loan options beyond traditional banks

Bank Statement Program at 80% LTV for Self-Employed Husband and Wife

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Our clients – a husband and wife team running their own clothing and apparel line – were turned down by their bank for a loan to purchase their first home.

They came to us looking for help.  We were able to pinpoint the issue immediately.  As self-employed borrowers, they showed their income better through the deposits on their business bank statements, rather than their tax returns.

Therefore, we found a lender to approve them under a bank statement program.

Bank statement programs are a great solution for self-employed borrowers.  For our clients, we just had to provide 12 months of their business bank statements.

With a down payment of just 20%, they are now proud homeowners, with a 30-year fixed interest rate of 5.25%.

This is pretty impressive considering not a single tax return was required.

We also helped our clients with other issues, including (1) raising their credit scores to qualify them for a lower interest rate, and 80% loan-to-value (LTV) instead of 75% LTV; and (2) getting the lender to allow them to use gift funds from their family to pay for a large percentage of the down payment.

Finally, despite COVID-19, we closed their loan on time by the closing deadline set forth in the purchase agreement.

To see if this program is right for you, please contact us at 321-239-2781 or by clicking here.



Posted on

October 5, 2020

Miami mortgage broker

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