Number one is your bank statement program, and that’s 10% down. So if you’re self-employed and you’ve got great deposits, they’re going to take 12 months of your bank statements. They’re going to look at those deposits and calculate a percentage of those deposits. So essentially, if you’re making 20 grand a month, they’ll take 50% of that. Now you have 10 grand a month to qualify for a mortgage.
Number two is your community program. You don’t even have to have a job for this program. Essentially, all you have to have is 20%down, decent credit, and some reserves left over. The program is going to not have any employment on the application. It’s a pretty easy process. Again, it’s 20% down, and that is another way to qualify.Â
Then number three, if you’re buying a rental property, the rental property program, it’s called the DSCR, and that program is awesome. And typically all they’re going to do to qualify you is based on the market rent and that’s determined by the appraiser. So when you do the appraisal, the rent is going to say, for example, 2500 and if your mortgage is 2200, you got yourself a loan. Essentially, the rents got to COVID the mortgage. Pretty simple.
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