Boise Real Estate

Questioning if your qualify for a mortgage loan

QUESTIONING IF YOU QUALIFTY FOR A MORTGAGE LOAN BECAUSE OF INCOME VARIANCES? DON'T! PERHAPS YOU SHOULD BE ASKING ABOUT A NO-DOC LOAN!.

Many people are salaried or hourly employees. Your salary or hourly wage will be calculated and used to qualify you. However, if you have overtime or receive a bonus, these figures will be averaged over 2 years, and the lender will want to document that it is likely to continue.

If you are self-employed or receive more than 25% of your income from commission, your income will be averaged over the past two years. It is important to mention that the lenders will be looking at your net income (after expenses) not your gross income.

Formula: …For a loan, your mortgage payment should be approximately 30% of your monthly income. Your new payment and your minimum monthly payments on your monthly debts (loans, credit cards, child support) should be 36-41% of your income.

But What If Your Lender Says You Don't Qualify?

If your income is paid to you in cash or if you are self-employed and may not qualify, there is a solution. I am able to offer you a loan where we ask NO-Questions.

Yes! You did read it correctly. We offer what are called No-Doc Loans. The only information we will ask for is an appraisal of the property and your credit report. Your credit does not have to be perfect to qualify for this program.…

CALL 1-888-362-3680 EXT 432 to get an appointment to see if the NO-DOC loan would be the best bet for your real estate loan!

Information in this report was provided by, Bill Zimmerman