Hello, the down payment is determined by a percentage of the purchase price. As a first time homebuyer, you can put as little as 3% down. If you’re using a no doc loan, we typically are looking for 20% down minimum.
What if your using bank statements for a first time home buyer can you use all te down pmt incentives with that? Maybe us not having to come up with any money just thedown payment assistance or incentives.
Good morning! Down payment assistance loans require full income documentation. Or you can do a bank statement loan with more down. Or you can add a cosigner to help qualify and possibly still qualify for down payment assistance.
I WOULD like to know how I and my girlfriend could get an unconventional loan to buy a mobile home priced at $166,000, as people who are self employed, and haven't filled tax returns for some years. I've prepared returns the last couple years but haven't filed (not sure I ever want to). My bank statements show regular income from Uber, but it's not necessarily steady. It's up and down. Her bank statements are a bit more steady and regular (as an energy healer/massage therapist. She doesn't have recent tax returns at all either. We know we can't qualify for conventional loans. The thing going for us is we have $94,000 that's in a savings account, received recently, as an inheritance (her blessed father passed). It's hers. Not enough to buy the mobile home outright. A "No Ratio Loan" seems to be the best fit? Can you help us get that done?
Hello! I can absolutely help you if you are looking at a manufactured or modular home but regretfully not a mobile home. We can only do those FHA or conventional on owned land. and both of those require full documentation. Are you sure you are looking at a mobile home?
So we are self employed. We own 3 houses fully paid. We get rent off one of them, one is the one we live in, the other is a flip house in progress. We have tried to get a loan in the past with no luck because they only want to look at tax returns. Suggestions?
What do you mean by take out? Do you mean after the house has been built? $350K annual income, 830 credit score, own land free and clear (appraised at $600K), and can’t qualify for a $500K construction loan and having trouble finding a bank statement construction loan.
@@FallenTimberI mean the permanent financing. I have lots of options for permanent financing that do not require any income documentation but none for construction financing. Is there a possibility the builder would owner carry the financing for you until the build is complete and a CO is obtained.
Hi there! Newly self employed, about 8 months in. My wife and I are NOT looking to purchase a property, rather we are looking to refinance to potentially take advantage of a lower rate, as well as add some more $ to our equity to get us beyond 20% in equity. We’ve always paid on time, both credit scores are above 740, and we actually own some other rental properties that have a decent amount of equity built (one at around 20%, the other around 40-45% I believe). My understanding is that getting a refinance as a newly self employed person is difficult, and I have read that no-income verifying loans typically are much higher in interest than their conventional counterparts. I’m wondering 1)is that true and 2) Do you have information on some options my for us to refinance and lower our rate?
Hi Tyler. The no income verifications do have a slightly higher rate. Usually 1- 1 1/2 points higher. Between your wife’s income and your rental income is there anyway you would qualify? Was your past job in sync with this self employment? If so, we can look at 1 full year possibly going conventional.
I'm self employed. I'm wanting to sell my house and move to another state. I visited a loan officer at a bank at the new location and he told me that since I'm self employed that I would have to live there for a year before they could consider giving me a loan.
😂sounds a lot better 😅😅😅 with your taxes return do you have to increase the amount in order to qualify for a higher loan otherwise you only qualify for 150k
Thank you Nicole for the great info. How is the down payment determined?
Hello, the down payment is determined by a percentage of the purchase price. As a first time homebuyer, you can put as little as 3% down. If you’re using a no doc loan, we typically are looking for 20% down minimum.
Hi Nicole … thanks for the information.
@@bismillaahllc my pleasure!
What if your using bank statements for a first time home buyer can you use all te down pmt incentives with that? Maybe us not having to come up with any money just thedown payment assistance or incentives.
Good morning! Down payment assistance loans require full income documentation. Or you can do a bank statement loan with more down. Or you can add a cosigner to help qualify and possibly still qualify for down payment assistance.
I WOULD like to know how I and my girlfriend could get an unconventional loan to buy a mobile home priced at $166,000, as people who are self employed, and haven't filled tax returns for some years. I've prepared returns the last couple years but haven't filed (not sure I ever want to). My bank statements show regular income from Uber, but it's not necessarily steady. It's up and down. Her bank statements are a bit more steady and regular (as an energy healer/massage therapist. She doesn't have recent tax returns at all either.
We know we can't qualify for conventional loans.
The thing going for us is we have $94,000 that's in a savings account, received recently, as an inheritance (her blessed father passed). It's hers. Not enough to buy the mobile home outright.
A "No Ratio Loan" seems to be the best fit?
Can you help us get that done?
Hello! I can absolutely help you if you are looking at a manufactured or modular home but regretfully not a mobile home. We can only do those FHA or conventional on owned land. and both of those require full documentation. Are you sure you are looking at a mobile home?
So we are self employed. We own 3 houses fully paid. We get rent off one of them, one is the one we live in, the other is a flip house in progress. We have tried to get a loan in the past with no luck because they only want to look at tax returns. Suggestions?
I have a program that requires NO tax returns. Call me direct at 303-808-2300
Hi Nicole, will this work for a construction loan / new build for a primary residence?
Good morning! Not for a construction. For a new build yes. But only for the take out
What do you mean by take out? Do you mean after the house has been built?
$350K annual income, 830 credit score, own land free and clear (appraised at $600K), and can’t qualify for a $500K construction loan and having trouble finding a bank statement construction loan.
@@FallenTimberI mean the permanent financing. I have lots of options for permanent financing that do not require any income documentation but none for construction financing. Is there a possibility the builder would owner carry the financing for you until the build is complete and a CO is obtained.
Hi there! Newly self employed, about 8 months in. My wife and I are NOT looking to purchase a property, rather we are looking to refinance to potentially take advantage of a lower rate, as well as add some more $ to our equity to get us beyond 20% in equity. We’ve always paid on time, both credit scores are above 740, and we actually own some other rental properties that have a decent amount of equity built (one at around 20%, the other around 40-45% I believe). My understanding is that getting a refinance as a newly self employed person is difficult, and I have read that no-income verifying loans typically are much higher in interest than their conventional counterparts. I’m wondering 1)is that true and 2) Do you have information on some options my for us to refinance and lower our rate?
Hi Tyler. The no income verifications do have a slightly higher rate. Usually 1- 1 1/2 points higher. Between your wife’s income and your rental income is there anyway you would qualify? Was your past job in sync with this self employment? If so, we can look at 1 full year possibly going conventional.
I'm self employed. I'm wanting to sell my house and move to another state. I visited a loan officer at a bank at the new location and he told me that since I'm self employed that I would have to live there for a year before they could consider giving me a loan.
It depends on what you do. We can do it faster if your work is location non-specific
😂sounds a lot better 😅😅😅 with your taxes return do you have to increase the amount in order to qualify for a higher loan otherwise you only qualify for 150k
To qualify as self employed you can use tax returns, bank statements or no income docs. There are a lot of options today.