We have some programs that might help you! Are you self employed? Do you have rental properties? Are you looking at a condo and there are issues with the insurance premium for conventional financing?
Here are some programs that may help you:
- Bank statement – this program uses the deposits on your bank statements to calculate your income
- Asset qualifier – we use your assets to qualify you for your mortgage
- Investor cash flow (DSCR) – if you are looking at a rental, this program uses the rental income to qualify you for the program
- 1099 program – this is a great program for those that have 1099 income – we use 90% of the 1099 income for your income
- P&L only – this is a new program that allows us to use your P&L for the last two years to figure out your income. We do not use the tax returns on this one
- WVOE – this is another new program – we use just your written verification of employment, this can help with those that have complicated paystubs
- Non warrantable condos – depending on your association, this may allow you to purchase a condo that can’t get regular fannie/freddie financing
These programs have different requirements for down payment, credit scores and employment history. Some require 10% down, others may need 20-25% down. Some will allow credit scores as low as 620,, others require higher scores. If you have questions on these programs, reach out. The one note with these programs is that typically the interest rates are higher than normal programs, but if it’s the only way for you to finance a home, it may be worth it. Remember you can always refinance when rates come down!
Leslie Vanderwerf, NMLS ID#335509, CrossCountry Mortgage LLC, An Equal Housing Lender, NMLS#3029 – Email – Website
