As a real estate investor, you can dodge high rates and high points of private loans, lengthy approval processes, and stringent lending criteria with a debt service coverage ratio loan.
If your income or credit history falls outside the strict guidelines set by traditional mortgage loan programs, a non-QM loan may be worth considering.
1099 Mortgage loans allow you to ensure a mortgage without the documentation you usually use to verify your income, such as W-2s and tax returns. Instead, workers qualify based upon the the 1-2 years of 1099's.
An asset-based mortgage produces an ‘income stream’ from your assets by depleting them over the mortgage term. It’s how you qualify despite not having a traditional income.
An escrow holdback is an act of collecting additional funds at closing that will be refunded after required repairs have been made to the purchased property.
Individual Tax Identification Number (ITIN) loans are for borrowers who do not have Social Security numbers. Borrowers with ITIN cards can qualify for a mortgage if they meet the eligibility requirements.
A bank statement loan is often an excellent option for qualified self-employed borrowers. However, self-employed borrowers must choose the best loan product to help fulfill their mortgage needs.
