Bank Statement Loans for the Self-Employed

Borrowers whose incomes are less documented have a more difficult time qualifying for a traditional home loan. Whether for a primary residence, a second home or an investment property, self-employed borrowers or those who write off 2106 unreimbursed expenses will be the most likely to benefit from the Bank Statement Loans for the Self-Employed. As its name would suggest, to get a bank statement loan you need to provide evidence of solvency, specifically in the form of bank statements from the past 12 – 24 months. These can serve as the means for a down payment. The lender makes a loan based on the terms of the Qualified Mortgage (QM) rule. If a lender makes Qualified Mortgage loan, it means the lender met certain requirements and it’s assumed that the lender followed the ability-to-repay rule. […]

By | August 17th, 2016|blog, investing, real estate|0 Comments

Down Payment Protection in California

When you bought your first home did you ever worry about losing your down payment? Well, the new home buyers want down payment protection in California, according to a new study by Harris Poll. They are reluctant to buy a home for fear that their down payment could be lost if they sell their house in a few years. Given that the average employee tenure in the U.S. is 4.6 years overall, and 3 years for millennials, it’s understandable that the modern homebuyer may be nervous to commit to living in one location for an extended period of time. […]

By | August 3rd, 2016|blog, investing, real estate|0 Comments