Our client, a Florida native, wanted to move back home from Atlanta, Georgia. He was under contract to purchase a single-family residence in the Jensen Beach, Florida area.
However, he was having difficulty getting approved by his bank for a loan. His debt-to-income ratio (DTI) was too high. As a 1099 contractor in the logistics industry, his tax returns did not show enough income to qualify him.
With the closing deadline around the corner, his realtor reached out to us for help.
We placed our client under a very niche loan product known as the “no-ratio program”. This program does not require proof of income. This program also does not require verification of employment.
This was the perfect solution for our client. No income or employment verification was needed, and his DTI ratio was not even calculated, hence why the program is called “no ratio.”
We were able to close his loan at 75% loan-to-value.
Thanks to this unique loan program, he was able to move back to his Florida hometown. Furthermore, he did not have to sell his home in Georgia as a condition to closing the loan in Florida.
Interested in seeing if the no-ratio program is a good fit for your loan scenario? Contact us here.