Texprolven12
33 posts
Jan 02, 2024
7:57 PM
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Bank Statement Mortgage
A bank statement mortgage uses bank statements to calculate your income. If you’re self-employed and don’t have the option of proving your earnings via W2s and tax returns, this may be the ultimate solution. It’s ideal if you have significant write-offs that make it a challenge to show you earn enough income to repay your loan. Depending on the lender, you may use personal or business bank statements to get approved for this type of home loan.
Conventional Mortgage
A conventional mortgage isn’t home guaranteed by the government. If you move forward with this type of home loan, you’ll likely need a good credit score and a 20% down payment to avoid private mortgage insurance or PMI. You can opt for a fixed rate, which stays the same or an adjustable rate, which varies based on the market.
USDA Mortgage
If your goal is to live in the country, a USDA home loan, which is backed by the U.S. Department of Agriculture may be a good option. You’ll have to commit to a home in a rural area and meet certain income requirements. If you’re eligible for a USDA mortgage, you may be able to buy a house with 0% down. The caveat is that you will be responsible for PMI.
Internet Loans Direct TM
ILD Marketing, LLC
888-933-4933
info@internetloansdirect.com
https://internetloansdirect.com/self-employed-loans/
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