PreApproval Mortgage

{!Userc} Home Shopping Tips: Is Now the Time to Buy? How to get ready to make an Offer? What preapproval letter works best? Hi {!My Friends},   Some potential home owners are on the fence wondering if they should wait until next year, or start shopping for a home now. The good news is, when you do decide to buy a home, you start building equity immediately. Here are some things to consider before you start shopping for a home.   Check Your Credit Score Review a copy of your credit report (before the lender does) and make sure there are no errors. Get a mortgage report it's different than a consumer report. If you do find errors in your credit report, they can be disputed. Of course, a higher credit score will secure you a better interest rate. Map out how to pay down or pay off outstanding debt, if possible.   Have Your Documentation Ready When you apply for a mortgage, you will need: Proof of Identity – Have your government-issued ID or driver’s license, social security card and birth certificate or passport. Proof of Income – This includes at least one month’s paycheck stubs, unemployment payment records, and any other documentation of regular income such as alimony or bonuses. Tax Documents – Be ready to show your last two year’s tax returns, including W-2 and/or 1099 forms. Bank Statements – The lender will want to look at your banking activity for the last 60 days to know you can manage your down payment and closing costs with sufficient cash reserves. Monthly Debt Documentation – Have your paperwork in order to document student loans, car loans, credit cards, etc. to establish your debt-to-income ratio. If you have no credit history, utility bills or records of other regular payments may be used to help you qualify for a mortgage. Additional Assets – Have documentation ready to support any additional savings, stocks, bonds, securities, etc. Get Pre-Approval By having written pre-approval from a lender, you know exactly how much home you qualify for. This helps you manage your expectations – and when you do make an offer – the Seller will consider it to be more valid. We have a wide variety of loans to choose from. Give us a call to find out what program works best for you! (949) 784 -9699   Sincerely, {!User.FirstName}   C G Caroline Gerardo Barbeau NMLS # 324982 }

Bank Statement Loans - Mortgage for Self employed

 

NON QM Mortgages

BANK STATEMENT LOANS

Mortgages for Investment Properties

Mortgages for Self Employed Borrowers

• Non-QM loans are not required to meet the same requirements as qualified mortgages, which are insured or guaranteed by government agencies such as Fannie Mae and Freddie Mac.
• Non-QM loans can be a good option for borrowers who do not meet the requirements for a qualified mortgage, such as those with high debt-to-income ratios or irregular income.
• Non-QM loans typically have higher interest rates and fees than qualified mortgages.
• Non-QM loans are not as widely available as qualified mortgages.

Here are some additional details about the features available listed:

• 3, 12, or 24 months of bank statements: Lenders will typically require 3 months of bank statements for a non-QM loan, but some lenders may require more. The type of account (business or personal) and the deposits made will be reviewed carefully to make sure they are consistent with the borrower's income and expenses.
• Reserves: Lenders will typically require borrowers to have reserves equal to 12 or 24 months of mortgage payments. Reserves can be in the form of cash, investments, or other liquid assets.
• FICO mortgage middle score is used not your Credit Genie one
• Lenders will typically use the borrower's FICO mortgage middle score to determine the interest rate on a non-QM loan. The higher the score, the lower the interest rate will be.
• Other requirements: Non-QM loans may also have other requirements, such as a minimum down payment, a maximum loan-to-value ratio, and a maximum debt-to-income ratio.

If you are considering a non-QM loan, there are different rules guidelines and ins and outs to each different mortgage non qm lender. A number of NonQM lenders have gone out of business in 2023,

so it's vital to understand how strong the particular shop is to withstand this storm.

Business types are categorized. A business with many employees and large office

will have a higher expense ratio than a one person office from home. Sometimes

a CPA letter is required to explain the type or business or expenses.

Properties need to be in good condition.

1- 8 units

There are minimum loan amounts

These loans are securitized and sold to a different market investor than conventional loans.

Each wholesale shop has it's own rules.

You should also make sure that you understand all of the terms and conditions of the loan before you sign any paperwork. It is important to have an experienced Loan Officer explain every step

Here to answer your questions

Caroline Gerardo (949) 784 - 9699

NMLS 324982

California Tree Poppy white with yellow center Romneya coulteri Matilija...

Giant White California Poppy with Yellow Center

Bees love them

They dance in the wind like butterflies

Low water full sun, easy to grow as long as it doesn't freeze.

Grows all summer in your home garden with full sun.

Tips To Start Investing In Real Estate

Plan to begin investing in real estate. Get all the pieces organized first.

Learning curve to begin a course of action to invest in real estate is different for everyone.

I suggest you start with researching.

Read books such as:

The Book on Flipping Houses

How to Invest in Real Estate: The Ultimate Beginner’s Guide to Getting Started

Join online groups and ask questions. 

Talk with investors in your area.

Learn Construction Basics by going to the library and checking out several books. Youtube is also wonderful resource on how to rehab, fix a toilet, hang drywall, and just about anything. 

Learn how to search by location's crime, schools, trends, jobs, rents

Get preapproved for a Loan. Learn mortgage terminology. Improve your FICO score. Understand how title insurance works. 

Leveraging you ability to purchase real estate with a mortgage is a common way for real estate investors to purchase properties with less upfront capital. When you leverage a mortgage, you borrow money from a lender to finance the purchase of a property. The amount of money you borrow is typically less than the full purchase price of the property, so you only need to come up with a down payment.

There are several benefits to leveraging a mortgage for real estate investing. First, it allows you to purchase properties that you would not otherwise be able to afford. Second, it can help you to build equity in your properties more quickly. Third, it can provide you with a steady stream of income from rental payments.

However, there are also some risks associated with leveraging a mortgage. If you are unable to make your mortgage payments, you could lose the property to foreclosure. Additionally, if the value of the property decreases, you could end up owing more money on the mortgage than the property is worth.

If you are considering leveraging a mortgage for real estate investing, it is important to carefully consider the risks and benefits involved. You should also make sure that you have a solid financial plan in place to ensure that you can make your mortgage payments on time.

Here are some tips for leveraging a mortgage for real estate investing:

• Do your research. Before you start looking at properties, it is important to do your research and understand the risks and benefits of leveraging a mortgage.
• Get pre-approved for a mortgage. Getting pre-approved for a mortgage will give you an idea of how much money you can borrow and what your monthly payments will be.
• Find a good property. When you are looking for a property to purchase, be sure to find one that is in good condition and that has a strong rental demand. Location is the most important aspect of real estate, it is the one thing you cannot change.
• Make a down payment. The larger your down payment, the less money you will need to borrow and the lower your monthly payments will be.
• Have a solid financial plan. It is important to have a solid financial plan in place to ensure that you can make your mortgage payments on time.

If you follow these tips, you can increase your chances of success when leveraging a mortgage for real estate investing

C G

Caroline Gerardo

NMLS 324982

949 784- 9699