Have you ever applied for a loan or fallen in love with a house and been told that you couldn't buy it because of your income verification? May it be that you “weren't at your job long enough” or you ”have to have 2 years of 1099 income” or they "couldn't include your short term rental income”. Whatever the reason. If you were to ask me, getting preapproved for a loan was THE most stressful part of purchasing a home. And one of the WORST aspects is the amount false narratives out there.
Now, it is important to not get into a financial situation that's over your head, BUT we would like to raise awareness that if you have an unconventional income scenario, THERE ARE SOLUTIONS OUT THERE. No one lender is created the same and they all have different programs and benefits they offer. We happen to work with one that just rolled out a whole lot of solutions to unconventional buyers who may not have thought they could qualify for a loan before.
Here is a snapshot of some unique situations that they can approve for a loan:
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Bank Statement Income (12-24 months)
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Reduced Documentation (1 year tax returns, no income verification)
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Asset Depletion Income (non-retirement age/assets)
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Non-Warrantable Condos (even projects in litigation- case by case)
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Profit & Loss Statement Income (1 year)
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Acreage & Hobby Farms
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Properties used as Airbnb/Vacation rentals
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Ability to use cash-out refinance proceeds as required reserves
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Ability to go higher than the conventional conforming loan amount limit without having to meet strict jumbo guidelines
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Commercial
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Cross Collateralization
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DSCR Loans up to 9 units
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Interest Only Payments
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ITIN and Foreign National Borrowers
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LLC Vesting
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Unique Properties
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5-9 Unit Properties
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Recent Credit Events (bankruptcy, foreclosure, derogatory credit)
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Less than 2 Years of Self Employment/Employment
SO, if you have been discouraged in the past because you (or the house you love) fall into one of these categories, let us know and we'll connect you with this lender to start a conversation.
We're just here to make dreams come true. NBD.
