We are nearing the end of 2019 and before 2020 starts, you might want to consider jumping on the stated income loans 2019 bandwagon.
This is a great opportunity for those that are self-employed or may not be able to prove all of their income to get a home loan. If you’ve been on the fence about this type of program, I’m here to tell you that it is a reality and it is definitely a possibility.
This is not like the subprime mortgage issues we were seeing back in 2007 and 2008. Today, lenders and the federal government have worked together to come up with a better plan for those that are self-employed and may not have the traditional W-2 or even 1099s to prove their income.
More: FAQ for Self-Employed Home Loans
If you’ve been in business for two years and can provide your business license and 12 months of business or personal bank statements as well as a profit and loss statement for your business, you could be eligible for the stated income home loan. Even if you just want to refinance, it can be easier than ever. No more coming up with dozens of pieces of paperwork, racking your brain over W-2s or missing 1099s. This is a way for people to get a home loan if they work from home, have your regular income and deposits, but can at least prove by their bank statements that they have a certain amount of money coming in.
Bank statement loans have a lot of advantages. We don’t need your tax returns and we can even borrow up to 80% of your home’s value or even 90% if you have higher credit or proper reserves. If you’re looking to refinance and maybe do a remodel of your kitchen, bathrooms, or your home needs and addition, this stated income loans for home improvement projects are very possible for those that are self-employed.
This is really rethinking traditional financing. Everyone’s finances are different so we tend to look into your personal finances as well as business finances to find out if you can really afford this type of loan. It’s not as difficult as you might think. Gone seem to be are the days of having a personal relationship with your banker but, with this type of loan, that’s exactly what we are doing. I work with hundreds of different underwriters and lenders that have specific programs designed for the self-employed entrepreneur and home loan borrower.
Call me today to find out more about how you can get in on stated income loans 2019 before interest rates go up next year.