Having Trouble Getting Pre-Approved?

Today I’m talking with my guest Drew Whipple about getting pre-approved to buy a house. We have some solutions for you.

Let’s say someone’s self-employed, financially struggling, and can’t get pre-approved. What can they do?

We have a program called the Self-Employed Borrower Program. We look at 12 to 24 months of bank statements and come up with a determination as to how much of those deposits we can mark as income. With this program, people who couldn’t get approved on paper can qualify. These programs typically require at least 15% down, depending on credit scores. 

Let’s say you’re an investor who’s buying a lot and flipping properties. You want to continue to buy more, but financially, you don’t look great on paper.

In the investor world, certain banks only allow them to have so many mortgages at one time, so the Self-Employed Borrower Program will help them too, but we do have an investor program. They put 20% down, and I don’t need any financials whatsoever as long as the property cash flow is one to one. Depending on their credit score, we can go even lower than that.

“We have some solutions to your pre-approval issues.“

Let’s say you had a bankruptcy or foreclosure. Is there a way around the three-year wait period for FHA?

We have a program called the Non-Qualified Mortgage that allows us to get them in a home after only one year. Down the line, if we want to refinance them back into an FHA or conventional loan when the time frame is met, we can do that.

If you have any questions about mortgages, please contact Drew Whipple at (856) 924-1682 or DWhipple@EveshamMortgage.com. If you have any other questions or if you’re looking to buy, please feel free to reach out to me.