Can I purchase any type of property?
Yes, you can purchase any type of property or real estate with a jumbo loan because there are no government restrictions since this type of loan is not backed by the government.
How do they score my business credit?
Business credits are scored by collecting credit information from your legal filings from state, local, and county courts, suppliers and lenders, and company background information from independent sources such as public records and collection agencies. The chief purpose of these scores is to have a measure of your company’s financial stability. High credit scores are often the result of steady and organized balance sheets or the summary of the financial balances of the company. In addition, the size and longevity of your company, or its credit history such as balances on outstanding loans and payment habits, whether or not you have any liens, or bankruptcies against your business, may also play a critical role. If you are set on improving your business’s credit score, you should make sure you get these fundamentals down.
How do you find the best loan option for you?
When you buy a home or any type of real estate, you may need a mortgage loan. Bank statement loans can also help with this. 99% of banks out there do NOT offer bank statement mortgages. Most brokers specialize in traditional full doc loans. So it’s difficult for self-employed borrowers to find these types of loans. That’s why they need to find a loan broker that specializes in non traditional mortgage programs. Many borrowers typically have substantial tax write-offs that make it difficult to provide proof that allows the mortgage lender to verify their income.
When looking for the right jumbo bank statement loan program, you must look at the 12 month vs 24 month bank statement requirements, DTI maximums and credit score minimums, how long the rates are fixed, and how much of the company you must own for both business and personal bank statements before signing on with the home loan.
Bank statement loans may be the best option for you if you cannot provide the necessary proof to verify your income. Researching what certain programs require is the most effective way to find the loan that works best for your financial and professional situation.