By Wanda Norgeuidelines are constantly being revised in the world of mortgages. Below are items that have been modified recently that could help with your ability to qualify for a new home — especially if you are looking to buy and have been told it is not possible. Or perhaps you need to refinance and need flexibility due to a recent job, credit or debt situation.
As a mortgage broker, we have access to niche loans that some companies cannot offer or may not know about.
Are You Self Employed and Write Off Your Income onTax Returns?
There are options available for this situation that could help you qualify for a new home purchase or to get cash out of your home with a refinance.
• 1 year of self-employed income is acceptable
• Qualify using your bank statement deposits
• Qualify using your asset accounts
• Qualify using equity in other real estate that you own
• Switching from W2 to Self Employed or vice versa is possible
Doctor, Lawyer , Dentist or Professional With Guaranteed Start Date
Future income is permitted with a documented contract that reflects an effective date within six months of the loan note or closing date. Certain “doctor” loans may exclude student loan payments from being counted in the debts as well.
Alimony or Child Support Received Less Than 6 Months?
I have a specialty loan where you can qualify with one month documentation of receipt of this income with copy of the divorce decree, separation agreement or court order. Another option is available with three months receipt of income or wait for the six months to use a conventional loan. This income must continue for a period of three years past the funding date of the new loan.
• Tip Income – if received for two years
• Commission or Overtime Income - can possibly be used with one year history (instead of the two years typically needed with the same job)
• Rental Income – may be used to qualify – possibly with no history of being a landlord
Turned Down By Lender #1? -Transferred Appraisals
If your loan was turned down for some reason, we can accept compliant transferred appraisals. That could save you the cost of doing a second appraisal.
Cash Out Refinances
Use the equity in your home to pay off credit cards, student loans or get your divorce buyout completed.
Delayed Financing – buy a property with cash from your retirement account or other funds you have and get a loan after the purchase to pay yourself back!
Contact me to discuss your specific situation!
Wanda Norge, Mortgage Consultant, Certified Divorce Lending Professional (CDLP), and member of the National Association of Divorce Professionals (NADP). Equilane Lending, LLC (NMLS: 387869), 15 years experience. Phone: 303-419-6568, firstname.lastname@example.org, www.wandanorge.com. NMLS:280102, MB:100018754