Many new ways to apply for a home loan: Self employed Bank statement programs

Borrowers who are self-employed, who own small businesses, who have volatile or irregular income, retirees, seasonal and gig workers, real estate investors, owners and employees of cash businesses, newly self-employed, those transitioning from recent health, family or other life events, those looking to use steady monthly deposits from their clients as a way to show the lender a steady stream of income that could be use to help pay the mortgage. Lenders will have the option to either use 12 or 24 months of your business bank statement to establish an income to help you qualify for a home loan.

Investor Program

If you want to invest in a property without using traditional debt-toincome qualifying requirements, our Investor Program off ers unique qualifying options as well as rates closer to Prime. As a borrower, you can use your property’s rental income cash fl ow or choose lower loan-to-value ratios as alternatives to conventional limitations. This is a Debt Service Ration program where if you are buying an investment property, we will use the actual income of the rent to off set the total mortgage payments including taxes and insurance. Usually it’s a 1 to 1:15 ratio that would meet lender guidelines. Loan to value ratios are depending on terms, fi co scores, types of properties and debt service ratio.

This would be ideal for Borrowers who prefer not to use debt-to-income criteria or are unable to qualify using conventional loan requirements.

Prime Plus Program

When buying or refi nancing a home, it’s possible the cost could fall just outside conventional fi nancing guidelines. There are some exclusive Prime Plus Program goes one step beyond traditional jumbo loans by off ering additional, fl exible options to help fi nance your dream home. Some lenders will use only a Verifi cation of employment program, where you will not have to provide paystubs and W2s.

Ideal for:

Borrowers who struggle to meet conventional loan requirements.

Foreign National Program

Qualifying for conventional fi nancing for a U.S. property can be challenging for Foreign Nationals due to traditional asset documentation requirements. Change Home Mortgage has designed a mortgage program that serves non-U.S. citizen borrowers who want to buy or refi nance a second home or investment property. Homebuyers can qualify based on the rental income of the property - credit scores are not required to qualify.

Ideal for:

Non-U.S.-citizen borrowers who want to purchase a second home or investment property. This program serves non-resident aliens who holds a visa for temporary residency, not NonPermanent Resident Alien status.

Bridge Loan

When you’ve found the home you want to buy but your funds aren’t freed up from a previous property, Bridge Loan can close the gap. This shortterm, interest-only fi nancing helps borrowers purchase an investment property without having to wait for another property to sell, a commission to come through, or another source of funds to become available.

Ideal for:

The Bridge Loan is ideal for borrowers who are ready to buy an investment property and prefer to use shortterm fi nancing.

These types of loan will most defi nitely carry higher mortgage rates and will cost you more points and fees, therefore be careful in analyzing and agreeing to use them to avoid becoming under water with your fi nances.

Please call Ken Go of 1st Innovative Finance at 562-508-7048 or write to kennethgo@verizon.net CABRE01021223 NMLS238636.