At LendUS, we take pride in assisting with loans that other organizations can’t or won’t service. From unique sources of income to massive loans for investments, we do more than simply provide mortgages on single-family households.
There are five unique types of loans that are serviced by our team.
Most borrowers can get the loan they need with a short list of financial documents. In many cases, paystubs and tax returns are all that’s needed to qualify a borrower for their mortgage. However, some borrowers are unable to provide these documents; or, in other cases, the documents would not be an accurate reflection of their incomes.
Bank statement loans could be an option for non-typical borrowers, especially self-employed individuals and people who work on commission. Self-employed business owners won’t have the typical paystubs that are used by employees, and their tax returns are not a good reflection of their true earnings. Likewise, the paystubs of a commission-based professional can be inconsistent; they might earn $10,000 one month, $1,000 the next, and $5,000 the next; it’s hard to gauge someone’s income with such inconsistent earning.
With bank statement loans, a lender can get an accurate reflection of your earnings over the past two, three, or even five years. Many lending agents and organizations, however, won’t work with these types of loans, perhaps because they are not comfortable with the unique process. At LendUS, we are happy to work with borrowers of all types, including those who would benefit from a bank statement loan.
Most people assume that their regular employment income is the only source that can be used for mortgage qualification. At some offices, this might be true, as they are not prepared to use alternative sources. At LendUS, however, we can use a variety of incomes to increase your borrowing potential and help you secure the home you desire.
For example, if you receive alimony payments, you could use this income to qualify for a loan. You would need to show documentation of payments and demonstrate that they will continue for a certain period, but they are a perfectly acceptable source of income.
Investment income, disability payments, rental income, and earnings from a part-time job can all be put towards your mortgage application. Each one will have a different set of rules for verifying the income, but when combined, these potentially small sources of money could add up to a significant increase in your purchasing power.
At LendUS, we can look at all of these sources and work with you to ensure each one is used to its full potential.
Generally speaking, the more you can bring as a down payment, the better off you will be. Downpayments can serve many purposes; they can eliminate mortgage insurance, reduce interest, and lower the total amount you pay for the mortgage loan. But some situations call for lower downpayments. If you are an investor, you may prefer to use a minimum downpayment, which will help you maximize available capital.
If you want to use a minimum downpayment, you might have trouble finding access to jumbo loans. Because of the large size, jumbo loans can have higher risks for default. For this reason, large downpayments are often required by lenders, but if you work with LendUS, you can get a low-downpayment jumbo loan, allowing you to keep the capital you have for other purposes.
Owning a second home creates a variety of new opportunities. You have the chance to live closer to work while maintaining a larger home near family, or you could have a second home that acts as a personal vacation property.
No matter what your motives, it can be difficult to find reliable financing for your property, which means many people are forced to either go without a second home, purchase the entire property from cash, or use a loan that has extremely poor terms.
Fortunately, we are able to provide a variety of loans that help you purchase a second home. We can help you get qualified, and we’ll do our best to ensure you have the best possible terms. Of course, nothing is guaranteed, but we are skilled and experienced in helping our clients secure financing for owner-occupied second homes.
There are many ways you can create a strong investment portfolio, but rental property and other forms or investment property is a great start. Investment property is beneficial for many reasons, and it can include residential, commercial, and even undeveloped land. The chances for profit on each type is different, but they all create a wonderful opportunity for your financial future.
But there is an issue with investment properties: the initial cost. Because even undeveloped land is far from cheap, many people avoid this wonderful opportunity and instead stay with typical investment options, such as stock, bonds, and mutual funds.
Because of the costs, most will turn to mortgage loans for investment properties, but many lenders are simply not prepared or capable of providing this type of loan. Investment loans also have a higher level of risk to the lender, as they are more likely, from a statistics perspective, to go into default.
Fortunately, there are ways to get financing for these properties. When you work with LendUS, you can get the financing you need to make the right purchase for your future. We provide loans for investment properties of many types, and we can ensure you have the right terms to increase your chances of a profit. Whether you want a loan for commercial or residential property, or even undeveloped land, we are here to help.
If you are interest in one of these unique types of loans, contact our staff today. We’ll use our experience, dedication, and support to help you qualify for the specific mortgage to fit your needs!
I hope you enjoyed reading this article. It’s my goal to keep you updated with the latest real estate mortgage news. I’m proud to provide you with 100% original and unique content. Subscribe now to get high quality real estate mortgage content and articles delivered directly to your inbox. Chad Baker is Regional Manager for LendUS. Chad is consistently recognized in the top 1% of mortgage originators in the United States 2011-2017. Got a question for Chad? Call (858) 353-8331 or submit your question online