If you are interested in growing your assets through buying and selling homes, then you will need to prepare a lot of financial documentation to secure mortgages. The team at Professional Mortgage Solutions is here to help all types of buyers close home sales quickly. Investors that fix and flip homes love bank statement loans because they are often self-employed. The typical methods of qualifying for a home loan may not be the best option. This week, we are here to help Rego Park, NY investors understand the options available to them under bank statement loans.
Qualifying for Bank Statement Loans
Self-employed people and business investors may not be able to show proof to qualify for a traditional home loan. However, many are still able to obtain a loan by presenting a good credit score and financial stability through their bank statements. Certain investors are even able to show ability to pay through the profit and loss statements of their personally owned business. When you go to qualify, these documents can be used to assess your average income and cash flow.
Here at Professional Mortgage Solutions, we pride ourselves on our ability to help homebuyers find options and purchase or refinance homes. Essentially, with this type of loan, your cash flow is your income. Most prefer to see your last 12 months of bank statements for personal income, and 24 months of statements for business income. These are used to calculate average monthly deposits, the amount may then be considered as your income.
Features of Bank Statement Loans
Some of the more appealing features for bank statement loans include:
- Ability to secure a loan for a high-value home, with high limits;
- Ability to secure a loan without providing W2s or tax returns;
- Ability to show a debt-to-income ratio that can sometimes reach up to 50%;
- Ability to secure decent rates, with some investors securing loans in the 5% range;
- Ability to use equity-based financing;
- Ability to get rental, vacation, or owner-occupied homes;
- Ability to use personal or business bank statements; and
- Ability to secure flexible financing terms (fixed or adjustable-rate).
The qualified team at Professional Mortgage Solutions can help you identify lenders making bank statement loans. In addition, we can make the qualification process fast and easy. You can purchase an investment property to fix and flip. Alternatively, you may be able to get a property to rent out and make great income. Be sure to talk to your CPA about assembling any financials to show your solvency. When you work with the Rego Park, NY offices of Professional Mortgage Solutions—you will find all the support you need to meet your financial goals.