If you want to refinance your mortgage loan or buy a residence and don't know where to start, this is the team to talk to. Review the document list and work thru the challenges so you can own your home. You just have to get started.
Savvy Investor - If you vacation there, you should invest in real estate and rent it out when you don't use it. Let the rental income offset expenses while you build equity.
One of the most important jobs we have is to serve those that serve. Each member of our team has a family member that has served or is serving. We are in this with you and know that the home is where your heart is.
Documentation is the key to the perfect mortgage. Our list is an extensive starting point to determine what applies to your situation. We review everything upfront and select a program specific to you. based on the documentation results. For example the adjust gross income may be taxed after expenses. Therefore a traditional mortgage would not be an option so we would utilize your gross revenue and expense ratio as per your CPA.
If the mortgage you have isn't suiting your needs, it is time to evaluate a refinance. Your current equity could serve as a source of funds for your first investment property.
Let's start with a traditional underwriting list for income: last two years of Federally filed Tax Returns and supporting documents. (W2 forms,) If applicable: 1099's, K1's. business returns, and any retirement income documentation. Plus most recent pay stubs or if self-employed: a profit and loss with balance sheets from the last filed tax returns.
For assets we need the all pages of the last three months of financial institution prepared statements. This will be evaluated for source of funds, cash flow, expenses not documented on the credit report, and income consistency . All deposits will need to be sourced. Pay stubs are the most common source of deposit, but self employed borrowers will have a consistent deposit history and any inconsistent deposits can be used if properly documented.
Know your credit scores. There are three credit repositories: Experian, Equifax and Transunion. You are be best person to manage your credit. We suggest that you go directly to each of the repositories and open a service account. Do not shortcut this by signing up for all three with one vendor. Then use the tools available on each site to simulate higher scores and take action.
DO NOT DISPUTE ITEMS, as a report pulled by a lender would not reflect an accurate score, thus is unusable. Solve any issues prior to starting an application with the lender.
All monthly expenses are considered as a debt in calculating your debt to income ratio. Any fixed payments (excluding living expenses) need to be notated. The credit report will list most of these items with your payment history. What will need additional document is based on your situation... obligations such as child support, alimony or IRS debts. You can provide documentation such as a court order or divorce decree along with payment history. If you have an IRS obligation, three payments must have been made to be eligible for a mortgage loan. Otherwise proof of total payment is required. So for any tax returns presented, we must show that the check for payment has cleared your asset statement.
The real estate section of the application requires detail. Provide the address of any property you have ownership in and it's liabilities such as annual tax payment, homeowners insurance and any association fees. You can search county websites by name for accurate listing of properties in your name., the underwriter will... so let's start off with the correct data on the initial application. We will need to show the insurance and tax bill payment especially if a business or another party makes the payments for property expenses.
If you own the home outright, please provide the settlement statement for a cash purchase or if there was a loan that has been paid off, proof of payoff.
We own our business and have complex tax returns. This team made us feel incredibly important and helped us buy our home.
We will refer everyone we know to them.
~Cameron and Kristi
Creative financing to the extreme! When you know you should be a homeowner but can't figure out how to make the numbers line up with traditional lenders, call this team. They made everything make sense that didn't seem possible. ~ Matt and Dawn
When you provide incomes to so many other people, you need someone who understands how self employed business owners cash flow works. This team refinanced our home which allowed our bank to open a business line for us to expand.
Forever grateful - Mendy
