Here’s how a new loan program could help you buy a home.
Are you in a situation where you don’t have access to a W-2, pay stubs, or tax returns, but you want to buy a home? You know that you can afford it, but how do you get approved for a loan? Let’s talk about it.
In the past, you’d probably have to go to a private lender. You would have to put 30 or 40% down, and your interest rate would be high. However, there’s a new loan program where you only need 20% down with a cap of $3,000,000. Your FICO score can be as low as 640 as well. Depending on your score, the rates will start in the mid 4% range and go up to the mid 5% range.
So who is this loan useful for? One group that benefits are investors who write off a lot of their yearly income. You have the money, but legally speaking, it doesn’t count towards taxable income. Another group this helps is retirees. If you live on your pension and social security, it can be difficult to get a loan. This program makes it easy. The last group this program helps is immigrants. Maybe you have money saved up, but you haven’t been in the United States long enough to prove a consistent income. If you belong to any of these groups, this program can help you immensely.
If you’d like to take advantage of this loan, please give me a call or shoot me an email. I would be happy to work out the details with you.
