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.
