Navigating the world of bank statements and loans can be a tricky endeavor, especially when dealing with multiple businesses and a debt-to-income ratio (DTI) exceeding 50%. In a recent case, a loan was initially turned down by another lender due to the high DTI and the inability to use multiple business bank accounts to calculate income.
Enter NoDocMortgages.com, where a different approach was taken to tackle this complex situation. Unlike other lenders, NoDocMortgages.com allows the use of up to 3 different business bank accounts, as long as they are separate entities, to help qualify borrowers for their new homes.
But the innovation didn’t stop there. NoDocMortgages.com not only permitted the addition of 2 more businesses but also applied a more favorable expense factor by closely analyzing the businesses involved. While most NonQM lenders use a flat 50% expense factor, we take into account the type of business and the number of employees to compute a more accurate expense factor.
Thanks to this flexible approach, the DTI issue was successfully resolved, and the tight deadline was met. Despite the loan being denied elsewhere, NoDocMortgages.com managed to clear it to close in just 8 days and funded it within the 10-day deadline.
This success story exemplifies us as a reliable lender that can get deals done quickly and correctly. With a commitment to supporting clients and helping them succeed with even the most challenging loans.
Besides offering bank statement mortgages we offer other no-income verification loans, contact our office to discuss your options.
