Today, a good majority of originators know what a bank statement loan is and which lenders to use to place these files. However, what happens when the 12 or 24-month bank statement loan does not work?
Our 3-Month Bank Statement program is used as a fail-safe product for these clients. Though the commercial market has been in disarray over the past 18 months, we are now accepting files on subjects with mixed-use characteristics. Adult Care Facilities and Vacation Rental Properties have been hard to place, and we will now look at lending on these subjects.
On this webinar we will discuss:
ITIN Loans
- How many of your clients had trouble financing because of their Federally-issued Tax ID #?
- Borrowers who write off everything under the sun on their 1040s and do not have enough Adjusted Gross Income?
- No Doc loans for wage earner borrowers using a Letter of Explanation, Bank Statements showing receipt of wage-earner income, and WVOE.
3-Month Bank Statement
- DTI above the min. required using a 12-month bank statement loan?
- Accepting Transfers and any credits towards qualifying income as opposed to the standard 12 or 24-month bank statement loan.
Investor Cash Flow
- Adult Care Facility – Denied financing because the borrower runs a business out of their home?
- Vacation Rental Property – Newly classified Airbnb subjects need help with out-of-the-box financing?
