Yes, finally it's back and in full force. For all of you, me included, we can now buy a house not based on our tax return but on our bank statements.
Like most of the self-employed buyers I have run across, we have the money and credit but just don't show enough income to qualify based on the lender's requirements.
Over the past 6 months I have been trying to find a loan program or a private lender willing to work with self-employed home buyers who want to buy a home or purchase more investment properties I called countless banks and mortgage lenders across the United States.
Last month I found a small Texas bank willing to lend money to self-employed home buyers and investors based not just on cash on hand, assets, credit and income but also by a face to face meeting and firm hand shake. Yes, this is a true story. The banker told me he goes by his feeling not just what is on paper.
Last week I received an email flyer from a local mortgage lender stating that he can loan money to self-employed home buyers with 25% down, a good credit score and income based on your average monthly deposits into your personal bank account.
This loan program can be used for a primary residence or even a vacation home. Best of all, if you qualify the current interest rate is only 4.25% on a 7:1 ARM for 30 years.
For more information about home for sale in Austin, Cedar Park, Leander, Pflugerville and Round Rock, Texas or for more details about the above self-employed loan programs - Call Premiere Team Real Estate 512-345-1919
Premiere Team Real Estate has been servicing Austin, Cedar Park, Hutto, Pflugerville, Leander, Round Rock since 1992
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