Are you interested in growing your assets through real estate? There’s a lot of opportunity and a lot to learn about qualifying for mortgages. Nickel City Funding wants to help you build wealth through real estate in Orchard Park, NY through investment property loans. We would love to work with you to close a deal quickly. If you do not have traditional income or but you do own a lot of assets, then typical methods of qualifying for a mortgage may not be the best option. This week, we are here to help Orchard Park, NY investors understand the options available for investment property loans.
Qualifying for an Investment Property Loan
Self-employed people and business investors may not be able to show income to qualify for a traditional home loan. However, many are still able to obtain a loan if they have a good credit score and financial stability. Sometimes investors can show ability to pay through other means than income. When you go to qualify, a variety of documents can be used to assess your average monthly payment and cash flow.
For many investors, using a tax statement will not work to qualify for financing. Instead, they may investigate “no income” mortgages. Essentially, with this type of loan, cash flow and funds from assets or interest is the income. Many programs pull data to determine how much you can afford to pay a mortgage from dividends, profit and loss statements, etc.
Bank Statement Loans
If you can prove ability to pay through your bank statements, consider a bank statement loan, there are many perks in this program, including:
- Ability to secure a loan for a high-value home, with high limits;
- Ability to secure a loan without providing W2s or tax returns;
- Ability to show a debt-to-income ratio that can sometimes reach up to 50%;
- Ability to secure decent rates, with some investors securing loans in the 5% range;
- Ability to use equity-based financing;
- Ability to get rental, vacation, or owner-occupied homes;
- Ability to use personal or business bank statements; and
- Ability to secure flexible financing terms (fixed or adjustable rate).
Be sure to check if you can verify your potential earnings through stocks and other investments that you have not realized. Our professional team at Nickel City Funding can help you find the right lenders. We make the pre-qualification process fast and easy. You can purchase an investment property to fix and flip. Be sure to talk to an accountant about assembling any financials be for you go in to qualify. Working with the Orchard Park, NY market is a great way to invest—you will find all the support you need with Nickel City Funding, Inc.