Do you need help securing a bank statement mortgage loan in Sherman Oaks, CA? This type of mortgage tends to work best if you don’t have a W2 or tax returns to verify your income. Instead of being kept out of the real estate market, you can use bank statements to prove your income. Then, you may qualify for a mortgage when it would have been impossible otherwise.
Bank Statement Mortgage Loan in Sherman Oaks, CA
Applying for a mortgage requires you to submit W2s and tax returns most of the time. You may not qualify for a traditional FHA mortgage without two years of them, and getting a loan can be hard. Fortunately, you may use a bank statement mortgage to secure funding, even if you don’t have a tax return.
Qualify for a Mortgage Without a Tax Return
Usually, a bank statement mortgage works best for people without traditional jobs. If you are a freelancer and you have a regular income, your bank statements can be used to show this to the bank.
Freelancers and Small Business Owners
Many self-employed borrowers struggle to obtain conventional loans, limiting home purchases. If your bank statements show consistent cash flow, you may use them to qualify for a mortgage. You might need to put down more than you would if you were using an FHA loan.
High Income and Low DTI Equals Larger Loans
The better your credit profile, the easier it will be to secure a mortgage. Also, positive cash flow means a lot to lenders, so make sure to keep yours in the green.
Business Name provides bank statement loans in California. Visit their website to learn more.
