(Stated Income) No Proof of Income | No Debt Ratio | No Doc Loan -2019


hey this is Chris Trapani the
mortgage Pro. you know people come to me all the time you know Chris I’m
self-employed I write everything off I know I see their income taxes and it
shows they make $2,000 a year when they grossed $100,000 yep they’re not
qualified to buy chewing gum but we do have some programs for people if they
put a little bit more money down one of them is becoming pretty common in the
marketplace today what it is is usually put 15% to a 20% or more down and what
we’ll do is we’ll look at 12 months with 24 months bank statements and we’ll look
at how much is going into that bank every single month and we’re going to
average it over a period of time we have those programs for business accounts as
well as for personal accounts now we can qualify people if they put maybe 20%
down with reasonable credit by doing that but please don’t expect a five a
five and a half percent interest rate with the going rate that’s what people
who prove every single thing with the Fannie Mae Freddie Mac VA or FHA loan
that’s not what you have you have an alternative documentation loan so be
prepared to pay a higher rate now for those of you who maybe came into a lump
of money maybe you can’t show the monthly basis of income in a normal way
how most people would think about it I have an incredible program see a few
years ago after the meltdown there was a rule called ability to repay it was put
into law and the ability to repay must be proven in one way or another as an
example if we can’t prove with income taxes and pay stubs maybe we could prove
with the twelve months bank statements or twenty four buttons bank statements
like I spoke about but this one program will not require that you prove your
income it’s not gonna ask for 12 months bank statements it’s not gonna ask for
pay stubs it’s not going to ask for w-2s and taxes it’s gonna ask for a statement
showing you have enough money to put down now this is a
35 percent minimum downpayment that’s what alleviates the risk is
you’re putting a bunch money down but if you put that money down
we run your credit we see that you have enough money in a bank statement or a
stock statement to put as a downpayment if you can do that and show that you
have adequate reserves and that depends on how much you put down and what your
credit score is we can close that loan in ten days what do you mean yes really
this is not a stated income we don’t even state your income for this program
our company has gotten a special license in order to be able to do this loan and
it is again not going to be a five and a half percent to a five percent fixed
interest rate it is going to be an adjustable rate and because you don’t
pay your taxes or you don’t show you taxes you have to take this loan now it
gives you an opportunity six months hey you do your taxes you show your income
we can refinance you out of it if that’s what you want to do so no more of the
days when hey I cannot buy a house because I don’t show any income there
are alternatives you call me Chris Trapani tell me your situation let’s see
if we can do fire your landlord

7 comments on “(Stated Income) No Proof of Income | No Debt Ratio | No Doc Loan -2019”

  1. Fire Your Landlord says:

    Can't prove your income? Don't show enough profit on your taxes? Still want to buy a house and Fire Your Landlord?

  2. Inalienable Rights says:

    That is criminal by lenders to charge above 10% because you don't make money for another employer. We need new lending laws.

  3. Shawn Afshar says:

    Are these loans available in Southern California ?

  4. Jacob F says:

    Thank you for your video sir. Question, when u mention that we'll need bank statement and the deposits into it, does it matter if those deposits are just cash going in?? Or does the deposit need to be from an entitity, company brand name etc? I ask because if im getting paid under the table…is that ok???

  5. OC Guy says:

    available in Denver?

  6. James Parker says:

    I got a business grant of $55,000 for my startup funding and that is all thanks to lutherangrants org

  7. Shantella Lindsey says:

    I get social security check deposit every month into my account. Will that qualify me for a home loan

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