Bank Statement Loans

Hey, this is Ken at the Capitol Mortgage Group. I wanted to share with you guys real quickly a recent win my firm had in helping out a local family. They were already under contract set to close on their home in a couple weeks, but their loan officer called them to tell them that their mortgage was not going to be approved. They’re self-employed. And initially, the loan officer reviewed the tax returns and thought they qualified. But once the underwriter got it, realized that taxable income was just too low. I asked to see the tax returns, agreed with the underwriter. That taxable income was just way too low. So, they would not qualify for a conventional loan using their taxable income, but they would qualify for a bank statement loan where we analyze the cash flow of their business. So, we’re still able to close. They were still able to purchase the home. They were looking forward to moving into with their family.

This is one of the many reasons I became a mortgage broker. Access to multiple lenders, access to multiple programs, such as the bank statement loan, helping self-employed buyers still be able purchase homes or refinance their mortgage. We’re starting to see some other banks are getting into the space a little bit. They’re kind of muddling their way through the process, not very familiar with the program, and they’re also pricing themselves out pretty high on that program to kind of balance out the fact that they’re not very experienced with those programs yet. Whereas, Capitol Mortgage Group, we deal directly within investors. We’re seeing lightning fast turn times underwriting, as well as very aggressive pricing for the space. So if you’re self-employed looking to buy, looking to refinance, give us a call, (804) 362-7600, or check us out at capitolmortgagegroup.com. Will you find a better way for your home loan