Why Entrepreneurs Benefit From Using Bank Statement Loans
According to Legal Zoom, there are 31 million entrepreneurs in the U.S. Unfortunately, self-employed borrowers looking to purchase a primary, second home, or investment property face varying challenges when trying to obtain a mortgage with conventional lenders. Traditional lenders often turn down good borrowers despite their ability to afford the monthly housing costs. For this […]
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Will Your Mortgage Lender Allow Gift Funds?
If you’re in the market to purchase a house, your most significant upfront expense is going to be the down payment. Having a sizable down payment isn’t always easy to accomplish, especially for first-time homebuyers. In many cases, people rely on money that was gifted to them to help make the down payment. This tends […]
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Three Types of Bank Statement Loans
While these three types of loans have a great deal in common, they are useful in different scenarios. Just like no two people are alike, no two loan needs are the same. With several options for bank statement loans, you stand the greatest change of getting the loan you need. 1. Personal bank statement loan […]
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Tips on Getting a Loan if You’re Self-Employed
Being self-employed has a lot of advantages. You have a more flexible schedule, but you also have to keep up with the administrative side of your business yourself. This is especially true when it comes to managing your own finances, which can make getting approved for a mortgage loan difficult. Lenders usually like to see […]
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How to Compare Bank Statement Loans from Different Lenders
Smart borrowers know to shop around for their mortgage. Many lenders offer bank statement loans, but not all programs offer the same benefits. Knowing which one is right for you can be challenging, but it’s important to understand how to compare the terms, rates, and programs offered by each lender. The more you know, the […]
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How to Use Non-Traditional Credit to Get a Mortgage
Finding your forever house can be difficult. What’s even harder is getting accepted for a loan to buy that dream house, especially if you have bad or no credit. That’s why many borrowers are looking to bank statement loans to help them finance their house. Mainstream mortgage lenders will not grant you a home loan […]
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Who Benefits from Bank Statement Loan Programs?
FHA loans are still the most popular loans for homeowners. However, as more and more people looking to buy their first homes, they are discovering other types of loans, including bank statement loan programs. These programs came about because there were no alternatives for those who were unable to verify their income the traditional way. […]
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10 Terms First Time Home Buyers Need to Know
If you are a first-time home-buyer, you have probably started hearing jargon from your realtor, loan officer, family, and friends that might as well be from another language. Terms like “bank statement loan” and “qualified loans” are dropped in casual conversations. To be ready, here is a little vocabulary lesson in words you should know. […]
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How To Fix and Rebuild Bad Credit
Learning that your credit isn’t great can be a stressful realization. Low credit can mean higher interest rates or be completely disqualified for loans altogether. Luckily, you are never stuck with your current credit score. There are several unique ways to repair your credit, including bank statement loans and credit-builder loans. What is a […]
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Can Self-Employed Borrowers Qualify For Bank Statement Mortgage
If you’re self-employed, don’t make the mistake of thinking that you can’t take out a home loan. Self-employed borrowers may be eligible for some good mortgage programs. This includes loans that don’t require you to submit tax returns but let you use your bank statement to verify your income instead. Multiple lenders now offer bank […]
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