A loan program that allows self-employed borrowers to qualify based on their bank statements instead of traditional income documentation. Lenders analyze deposits over the past year to determine income eligibility.
Similar to the 12-month option, this program looks at two years' worth of bank statements for self-employed individuals. It provides a broader view of income trends, making it easier for borrowers to qualify.
A short-term loan designed for real estate investors who purchase properties to renovate and quickly resell for profit. Lenders typically focus on the after-repair value (ARV) and may require a solid plan for renovations.
A short-term financing option used to bridge the gap between buying a new property and selling an existing one. Bridge loans are typically secured by the current property and are meant to provide quick access to funds.
A Home Equity Line of Credit that allows homeowners to borrow against the equity in their property without a primary mortgage. This flexible credit line can be used for various purposes, such as home improvements or debt consolidation.
This structure involves taking out a second mortgage (HELOC) simultaneously with a primary mortgage to cover down payment and closing costs. It helps borrowers avoid private mortgage insurance (PMI) by keeping the first mortgage at 80% of the home's value.
A loan option where lenders accept a borrower’s profit and loss (P&L) statement as a basis for income verification. This is ideal for self-employed individuals whose income may fluctuate but who can demonstrate profitability.
This loan type allows freelancers or contract workers to use their 1099 forms as proof of income. Lenders typically look for consistency in earnings over the previous years.
A loan program that allows borrowers to use their liquid assets (like savings accounts, stocks, or bonds) as a source of income. Lenders calculate a monthly income equivalent based on the total asset value.
Loans for purchasing or refinancing commercial properties, such as office buildings, retail spaces, or industrial facilities. DSCR is often a crucial metric for determining loan eligibility and terms.
A single mortgage that covers multiple properties, allowing borrowers to finance several real estate assets under one loan. This can simplify management and reduce closing costs.
Financing for condominiums that do not meet standard mortgage guidelines, often due to issues like high owner-occupancy ratios or litigation. These loans typically come with higher interest rates and stricter terms.
Loans for properties that are both condos and hotel units, often used as vacation rentals. Financing can be challenging due to the mixed-use nature and short-term rental potential.
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