The financial landscape is as diverse as ever, and brokers aren’t just dealing with traditionally employed borrowers with 9 to 5 jobs.
Nowadays, they’re also coming across individuals with unique employment positions. From self-employed to gig workers, there’s an entire spectrum of new borrowers cropping up as millennials and Gen Zers enter the market and start to purchase homes.
In the past, households typically consisted of two W-2 employees. Now it’s common to find mixed-income types residing in the same household. The challenge? Traditional lenders more often than not have trouble providing financing for these scenarios.
That’s where LendSure comes in.
Here we breakdown everything you need to know about our innovative Bank Statement solution that’s helping mixed-income households secure flexible financing today:
Understanding Mixed-Income Homes
Mixed-income households feature – you guessed it – mixed sources of income. This means one person may be a traditional W-2 employee, while the other is self-employed. Freelancers, small-business owners, and entrepreneurs typically fall under the self-employed category.
While these households are becoming increasingly common, lenders still have trouble providing financing options that can work for those with non-traditional employment. Conforming OR Traditional lenders like to see tax returns and other standard income docs when qualifying a borrower for a new mortgage. When they come across self-employed individuals, they’ll likely pass over their application because it poses too many challenges despite the fact that the individual may have a strong financial history.
The Solution: A Bank Statement Program
At LendSure, we offer an innovative Bank Statement solution that can help you secure funding for these mixed-income cases. The way it works is simple – instead of submitting W2s, tax returns, and other income docs, self-employed borrowers have the option to simply submit bank statements (12 or 24 months of personal or business) as proof of income and qualify for a mortgage.
In mixed-income cases, we take into account both sets of income by looking at the W-2 employee’s tax returns and the self-employed borrower’s bank statements. Click here for a real-world loan scenario.
The best part of partnering with LendSure? Our team will work to provide you with a pre-qualification, usually, within 24 hours! With expense ratios as low as 10% and high LTVs (up to 90%), these clients get the flexibility they need to finance their next home.
By adding this alternative mortgage solution to your loan offerings, you can feel confident your clients will get the “yes” they’ve been looking for.
- Loan amounts up to $3,000,000
- LTV up to 90%
- No tax returns are required
- Business bank statements and personal bank statements permitted
- The borrower does not have to be 100% owner of the business
- Multiple business bank accounts are acceptable
- W-2 with bank statement combinations allowed
- P&L statements are NOT required
- Business expense ratio as low as 10%
The LendSure Way
It’s simple. We make loans that make sense. We’re not in-the-box lenders. Of course, there are numbers, ratios, and data to consider, but we know that behind every file, there’s an individual with a unique circumstance seeking a loan. We work hard to offer our common-sense take on lending to borrowers seeking funding for the home of their dreams, another addition to their investment property portfolio, or refinancing of a currently-owned property.
Are you ready to benefit from a commonsense approach to lending? Contact us today to learn more about non-QM loans and how partnering with LendSure Mortgage Corp. can help grow your bottom line.