This is a more flexible form of loan for those who previously failed to procure a loan due to the absence of tax returns or the net income showed by their tax return which was less than their true net income. It provides a great substitute from the conventional methods of ratification such as 2 years’ tax returns, W2’s and pay stubs, it merely requires the borrower to show that he is in a position of reimbursing the loan and as distinctly enunciated by the name this will require him to produce bank statements which reveal his or her income assuring the loaner of his potentiality of being able to repay.
This will admit a large number of people who were formerly ineligible in the eligibility net. By providing a bank statement of as less as 12 months to the lender the borrower will be able to show the amount of money he is eligible to borrow followed by a call or Verification of deposit (VOD) to the borrowers bank to adjudge the legitimacy of the provided documents. Nevertheless, the lender would still need to see the expenses you sustain as the proprietor of the business but will not inflict a penalty upon you in case you write off those expenses from your tax return.
Set guidelines and a streamlined underwriting process make closings happen swiftly. As fast as 48 hours
Correspondent lending gives us the ability to bring wholesale rates to the consumer
Start with some basic info about your assets, credit profile, income. As a result – amount to borrow and the rate
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