For most people, using traditional income documents, such as paystubs and tax returns, is the best (and possibly the only) way to qualify for a loan. But for others, these documents are either incomplete or
For most mortgages, the income is the most important aspect of qualification and approval. The lender wants as much assurance as possible that your income reaches a certain level and that this income is likely
Using assets to quality for a home loan is a common strategy for retirees. If you are at the retirement stage of your life, and want to purchase a new home (and need a loan
In a previous article, we discussed the various strategies we can use to establish your income. We feel this is an important topic, and we’d like to revisit the subject by discussing the different people
For the vast majority of borrowers, establishing your income is simple. Take a couple years of tax returns, bring along some paystubs, and the lender can do the rest. Most lending agents and institutions are
Everyone knows about down payments for purchasing a home, but many don’t understand, or have never heard of, reserve requirements. Every time a lender or bank makes a loan, they assume a certain degree of
By using a different form of information to verify a borrower’s income, bank-statement loans make mortgages available to many people who might otherwise struggle with financing. If you have a unique career, or simply want
When qualifying for a loan, it helps to use as much of your income as possible. If you’re retired, this creates challenges, as you likely receive limited incomes from multiple sources, such as a 401(k),
If you are retired and need a new home, approval for a mortgage can be difficult. You no longer have a regular income from work, and the income you do receive comes from a wide
Sometimes it seems like becoming a homeowner is an impossible journey. There are many blockades, but one of the largest is the need for a down payment. While there are options for purchasing a home
It’s a problem that many new retirees experience. You just celebrated one of the most important accomplishments of your life, you have great credit, and excellent assets; you should be a top-notch candidate for a
Chad Baker
Originating Branch Manager
NMLS #329451
858-353-8331
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