Recently Closed - Florida Bank Statement Loan

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Mortgage and Lending with Mason-McDuffie Mortgage, Conventional Loans, Jumbo Loans, FHA, 203(k), USDA, VA, NMLS #138061 MMCD #1141

Recently Closed - Florida Bank Statement Loan

 

     Recently, I received a phone call from an LO that needed some help with a client in Florida that was purchasing a home.  The client had a very specific need, with a lot of positive attributes and some negative aspects (in the eyes of an underwriter) that made the transaction an interesting process.

Florida Mortgage Loan

     The product needed was a jumbo bank statement loan with 20% down required with a FICO score less than 720.  The referring broker did not have this product available, but thankfully one of my broker options did offer this product up.  

 

     Our client was self-employed in real estate, and due to many business expenses, consistently variable income, and seasonal dips in income, bank statements were the only way we could provide qualifying income to achieve an approval for a jumbo loan amount.  



     With the selected bank statement program, the investor required 24 months of bank statements, and used the average of all deposits to calculate the qualifying income.  Thankfully, with this calculation (in contrast to how standard conforming income is calculated), the client was easily able to meet debt-to-income ratio requirements.

 

     A few hurdles that we had to get past were that our client changed the structure of his employment, incorporating his business within the past 12 months, and having prepared and filed his own taxes, we had no assistance from a CPA (whereby more often than not, a CPA letter is required for this type of product), and there was also a personal bankruptcy in recent history.  To compensate, we gathered letters of explanation, business listings, and real estate licenses, and we were able to seek approval from there.

 

     In just over 30 days we went from application to clear to close, and this client now has a beautiful new home in Pinellas County, Florida.  

 

     Using a niche loan program like a bank statement loan is always rewarding as they're known to be difficult loans to get closed, but in this case it was even more rewarding as our client was purchasing he & his family's dream home, and they are extremely pleased to now call a beautiful house less than a mile from the Gulf of Mexico, home.

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Topic:
Mortgage / Finance
Location:
Florida Pinellas County Palm Harbor
Groups:
Mortgages
Posts to Localism
Tags:
pinellas county
florida mortgage
florida loans
niche loans
bank statement loan

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Rainmaker
84,483
Lynnea Miller
Bend Premier Real Estate - Bend, OR
Premier Real Estate Service in Central Oregon

Congratulations on your successful closing!

Dec 27, 2016 09:03 PM #1
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Dick Greenberg
New Paradigm Partners LLC - Fort Collins, CO
Northern Colorado Residential Real Estate

Hi John - Nice work for your clients. We recently had a client with a similar situation who purchased a home using a similar sounding program our lender was able to find them. It worked out well too.

Dec 28, 2016 09:50 AM #2
Rainmaker
550,520
Mike Bjork
American Pacific Mortgage - Redondo Beach, CA

Congrats, John!  That's awesome!  It's always satisfying overcoming such challenges and helping somebody.  Great job!

Dec 28, 2016 10:20 AM #3
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George Souto
George Souto NMLS #65149 FHA, CHFA, VA Mortgages - Middletown, CT
Your Connecticut Mortgage Expert

John great job.  Closing in that short a time would be great with any loan, but even more impressive for this loan product.

Dec 28, 2016 05:13 PM #4
Rainmaker
1,008,604
Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi
NMLS #216987, IL Lic. 031.0006220, WI Licensed. APMC NMLS #175656 - New Lenox, IL
708.921.6331 - 40+ yrs experience

Congratulations to you and your client for successfully navigating this transaction, John Meussner.  Although challenging, you were able to assist your client and referral partner too.  That's the epitome and definition of "rewarding" ...

Gene 

Dec 29, 2016 10:41 AM #5
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Debbie Reynolds
Berkshire Hathaway HomeServices PenFed Realty, Your Clarksville Real Estate Professional - Clarksville, TN
Your Dedicated Clarksville TN Real Estate Agent

I had no idea bank statement loans were still out there. For us that are self employed, that can be a big help. Good Job, John.

Jan 03, 2017 05:15 PM #6
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John Meussner

#MortgageMadeEasy Costa Mesa, CA 484-680-4852
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