How Amerifund Qualifies Borrowers With Challenging Situations
When you apply for a mortgage, you'll likely need to provide copies of your tax returns to verify proof of income. But what if your tax returns don't tell the whole story? For borrowers who are self-employed or in the entertainment industry, submitting tax returns may not be enough. In this video, Jamie Cavanaugh explains how Amerifund uses bank statement loans to help our borrowers get approved.
Hi everyone, Jamie from Amerifund here with another weekly mortgage update. Today I want to let you behind the curtain a little bit and tell you one of the ways that we help to get self-employed borrowers approved. Self-employed borrowers sometimes face difficulty maximizing their loan qualifications because of their tax write-offs. And that means that for some clients submitting their tax returns as proof of income simply isn’t an option. This is where bank statement loans come in. Bank statement loans are very similar to regular mortgage loans. The main difference is that instead of looking at your tax returns to determine your qualifying income, the lender will instead look at your recent bank statements, usually from the past 12 or 24 months.
Bank statement loans do carry higher rates and costs and they're not for everyone. For example if you work a w2’d job and you're on salary, your taxes are probably reasonably simple, and you may qualify for a traditional full documentation loan. On the other hand, bank statement loans can sometimes be the very best option for clients who may otherwise not be able to qualify.
Bank statement loans are only one of many tools we have in our toolbelt to help borrowers get approved. Our decades of experience in this industry is why we have so much success working with not only self-employed borrowers, but also those who have less than stellar credit, and one of our specialties is helping professionals who work in the entertainment industry.
No matter the reason, if you’re having trouble getting approved, or you think you might have trouble getting approved, give us a chance to work with you. And if you have any questions, you can always call us. Thanks for watching and tune in next week for another mortgage update.