Roxie Hollingford had a plan. Several years ago she took a calculated risk, sold her home and used some of the proceeds to start her own catering business. Hard work, long hours, and high quality food were her business model. With the remainder of the proceeds from the sale of her home, she saved for the day when her business was established and she could buy again.
Break out the Tiki torches.
Five years down the road, Roxie found herself literally down the road - just on the other side of town from her parents. She's eyed a 3-bedroom, 2-bath, 2,200 square foot home with a big back yard and a redwood deck. It was perfect for her love of entertaining. And it made all of her hard work seem worthwhile.
Roxy fell out of Conventional & Government Loan Guidelines because of her high Debt to Income Ratio and her need for a bank statement loan program. With a closer look and a gift of 10% down from her parents, a knowledgable Mortgage Broker was able to make this loan happen. Here are the particulars:
Now in her new home, Roxie has a place for everything and everything is in its place.
That example is just one of many situations that make a Bank Statement Program viable for Self-Employed Individuals. When the time came that her financial situation was that so she could buy another home, Roxie may have gotten concerned. Conventional & Government Loans really didn't have a product for her situation anymore. Roxie put her situation into the hands of help. A Mortgage Professional, staying in tune with the everchanging pulse of Loan Products available on the Market, knew the exact program to fulfill her specific needs.
Self-Employed Individuals have felt some of the wrath of stricter qualifying guidelines on Mortgage Loans. Yet, hope is not lost. If you are unable to document your income in the traditional capacity (W-2's, pay-stubs, 1099's, etc) Bank Statement Programs are still available. Talk to a Mortgage Professional to explore your options and explore the details of such a program. Whether you are looking to buy a home or refinance the current one you are living in, don't let your particular situation mess with your groove. Consult an expert in Mortgages, if nothing more we can at least guide you in the right direction with a plan.
Happy Memorial Day Weekend To All~
A Pretty 'Groovy' Mortgage Professional
First Choice Equity Group Inc.
610-439-2166 ext. 229
Licensed with the Pennsylvania Department of Banking
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Re-Blogged By Re-Blogged At
- All About Mortgages/Mortgage Networking
- The Greater Lehigh Valley
- Localism Success and Accountability Group
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