Mortgages for the Rest of Us

Having a traditional W-2 income job is great for qualifying for a traditional mortgage but the truth is that it’s becoming more and more rare in our modern economy. And fortunately for the many of us without traditional W-2 income jobs, the mortgage industry is slowly catching up with the times.

Would-be homebuyers that have been forced to sit on the sidelines because it’s too hard for them to qualify for a traditional mortgage, may now have the opportunity to buy that they haven’t had in the past.

Think you might be a non-traditional borrower? You might be if any of these situations sound familiar to you:

  • You are self-employed and haven’t been able to qualify because of how you report your income, or

  • You want to buy an investment property without income documentation, or

  • You have high net worth or non-consistent or non-traditional income and haven’t been able to qualify for a traditional mortgage.

We have options for just about every unique situation and can help you buy a home, whether it’s going to be your primary residence or maybe an investment property. These programs are amazing because they take into consideration lots more than just your FICO credit score. They also consider qualifying you using:

  • Twelve months of bank statements –  This is great if you’re self-employed or live off of investment income.  Income is determined off qualified monthly deposits.

  • Investment cash flow planned for the property (for investment properties) – This program is perfect for investors that own multiple properties or businesses and don’t want the hassle of providing mountains of documentation just to buy one property.  This program allows investors to qualify strictly on the DSR (Debt Service Ratio). You don’t have to provide any income documentation for this program. We order a rent survey from the appraiser and use market rents to qualify (for investment properties only).

  • Liquid assets a your qualifier – The Asset Qualifier program is calculated using only Liquid assets to qualify for a loan.  Your balance must be at least as much as the loan amount plus closing costs, reserves and loan fees. (I can calculate what that would be for you.)

  • Asset depletion for income (if you’re retired, for example) – This program calculates the income based on liquid or IRA asset holdings through a specific calculation divided by a number of months as long as those specific assets aren’t being used for the down payment or closing cost.

Are you getting a little excited about the prospect of buying? There’s hope for you, my friend! And if you think it’s all only for those with high credit scores you’re wrong, although having great credit always helps ;-). So, my question for you is, what are you waiting for? This is an amazing time to buy a home and being a homebuyer is a worthwhile investment in your future. So, call/text me today and let’s chat about your situation and how I might be able to help you make the most of these terrific opportunities, created for those with non-traditional financial situations, just like you.

I look forward to hearing from you! My direct line (voice/text) is 818.307.6072.