I’m really liking your content! Thank you for the summary and tips. I knew about this loan but you mentioned a lot of details that im hearing for the first time
Are you sure to calculate income they only consider deposits divided by 2 ( expense factor)? They do not consider deposits minus expenses? ( net income) Asking for myself , I just discovered the bank statement loan.
Good question! Not that I know of, but I haven't done a lot of new construction. If it's non-owner occupied, there's other financing that might be available.
I applied and was told the best route was bank statement Loan but they mentioned I must put a minimum of 10% down payment higher interest. Also, there’s no down payment assistance right?
Great video! I'm a residential provider who cares for individuals with intellectual and developmental disabilities. We are not required to pay income taxes because it's kind of like foster care, but we are reimbursed a good amount (about 400 - 450 per day through my employer) I've been taking care of the same individual for almost 17 years and have heard that when applying for a mortgage, I can have my employer write a letter stating my years of service and income amount. Is this true?
This is such a great way to get a mortgage if you're self-employed. Let's connect: calendly.com/jeff-trevarthen/15-min-call
This video has clarified a lot of things!! Thank you so much
You're so welcome!
I’m really liking your content! Thank you for the summary and tips. I knew about this loan but you mentioned a lot of details that im hearing for the first time
Happy to help!
How will it look bringing in money from other accounts for the down payment?
No problem at all. Just have to document.
I might be interested if you specialize in TX!
100%! I do lots of loans in Texas.
Are you sure to calculate income they only consider deposits divided by 2 ( expense factor)?
They do not consider deposits minus expenses? ( net income)
Asking for myself , I just discovered the bank statement loan.
I'm sure. But there are lots of ways that some lenders use to calculate this.
Would love to work with you if you can help out in Kansas City, MO!
yes happy to help. Let's jump on a call first: calendly.com/jeff-trevarthen/15-min-call
Hey Jeff, is it possible to use a bank statement loan for a construction loan / new build?
Good question! Not that I know of, but I haven't done a lot of new construction. If it's non-owner occupied, there's other financing that might be available.
By non-owner occupied, does that mean if it’s intended to be an investment / rental property? If so, what options would that open up?
Yes, investment property. You can use the bank statement loan to buy investment property.
I’m in SC and looking for a mortgage company that accepts statements, also a first time homebuyer 😊
Happy to help!
I need to talk! I think you can help me with my situation!
Happy to Help! calendly.com/jeff-trevarthen/15-min-call
Do you specialize in south Carolina or Florida or Nevada
I can help with all of those places, in particular Florida.
Need loan in Wyoming
calendly.com/jeff-trevarthen/15-min-call
I would like to connect with you. I have 9 ways to qualify self-employed borrowers. I work with a NQM Lender
Sounds great!
I applied and was told the best route was bank statement Loan but they mentioned I must put a minimum of 10% down payment higher interest. Also, there’s no down payment assistance right?
Yes, that is correct. 10% down minimum. Rates are a little higher but not that much. Happy to help if you need me. :)
Great video! I'm a residential provider who cares for individuals with intellectual and developmental disabilities. We are not required to pay income taxes because it's kind of like foster care, but we are reimbursed a good amount (about 400 - 450 per day through my employer) I've been taking care of the same individual for almost 17 years and have heard that when applying for a mortgage, I can have my employer write a letter stating my years of service and income amount. Is this true?
Yes it's true. 😊
How about Houston??
How about Houston??