How to Qualify for a Traditional Home Loan and Mortgage in California?
Verifying income was once as easy as getting an income statement or a paystub/paycheck. This is not always the case with many of the entrepreneurs and self employed individuals in the state of California. When looking to qualify for a California for a traditional home loan a large number of those self employed hope to take advantage of a home mortgage bank statement program. Before assuming this is as easy as getting a bank statement and qualifying for a home loan we strongly encourage you to call ABLEnding today at 866-260-2253.
We have helped many self employed first time home buyers qualify for a traditional home loan. If you are a millennial that has built income through odd jobs or over the Internet it may be the case that your last three tax returns do not fully explain your total income. Rather than assuming you will have to rent and apartment or condo for the next few years it would be best to look into all mortgage options.
If your income trajectory is exponential, meaning your income has risen significantly over the last several months and years, you may find that some banks and mortgage lenders will qualify you for a traditional home loan in California. Having a FICO credit score over 760 and a debt to income ratio that is below 20% will also help tremendously. The more financial freedom you have the more likely it is that you will qualify for a home mortgage loan.
Self employment is a great thing but can be complicated when it comes to a mortgage application. Allow ABLEnding to help you get through the entire process. Rather than having to “fudge” the numbers to qualify for a home loan we can walk you through each and every step of a bank statement mortgage loan program in your area.
We will be honest and up front letting you know the traditional home loan options that are available. Whether you are in Simi Valley, Westlake Village, Oxnard or Agoura Hills, California we can assist you with the process of qualifying for a home loan. Do not heistate to call us today at 866.260.2253.