With this new loan program, you can qualify for a loan with limited income.
Recently, a lot of clients have asked me, “What are my options if I can’t prove my income?” Today I want to answer that question.
There are two sides to this. If you’re self-employed, you might not have a W-2, but you can use bank statements to prove your income. The other side is if you have a limited income due to disability, retirement, or some other factor.
Fortunately, there are programs designed specifically for people with limited incomes. All you need is a 640 FICO score and sufficient cash reserves to qualify. A retirement account should be more than enough.
With these loans, you can get up to 80% of a property’s value. The interest rate will be a little higher because of the increased risk, but it is a great option for those who don’t qualify for conventional loans. This is a new program, but we’ve already helped a lot of clients buy homes using it.
If you have any questions about this new loan program, give my team a call or shoot us an email. We are always willing to talk!