How Realtors Can Use Self Employed Bank Statement Home Loans For Their Buyers

As a realtor, you know the challenge your self-employed buyers face first-hand. They would like to buy a home, they have the down payment and can easily afford the mortgage payment, but in the traditional lending world, they just don’t stand much of a chance due to lack of income on their tax returns. Realtors can use self-employed bank statement loans for clients to help them overcome these obstacles.

Here's the strategy To Win More Buyers:

First, consider the problem: Most lenders/banks/credit unions prefer W-2 borrowers — meaning those with a steady, 9-5 job that can verify their employment with a pay check and prove a consistent amount of income week after week, month after month. 

The Solution: Bank statement home loans allow borrowers to prove their income by showing their recent bank statements — usually 12 to 24 months’ worth. This helps self-employed borrowers in two ways:

1. It means write-offs and deductions meant to reduce your “taxable income” on your end-of-year returns won’t hurt your ability to buy a house. That taxable income can still say $20,000, but if you show you actually make $100,000 in your bank statements, you are good to go.
2. It also makes W-2's unnecessary. You’re able to show the lender that you’ve covered your bills, monthly expenses and rent without problem for a year or maybe more. You can prove you have the income to responsibly purchase a home and cover your mortgage by using your revenue through your bank statements .

·      2 -Years Proof Of Self Employment Required

·      Lower Credit Scores Are Acceptable.

·      10% Down

·      No MI.

·      Loans To $5M. (We can even go up to $15 million in certain cases)

Feel free to leave a comment with any questions or message me direct.