Loan application with no assets
I am self employed working as a broker for the past 5 years. I plan to purchase my first multi family unit that’s worth between $300k to $600k. I have enough money saved for a 20% down payment, with good credit scores but with no assets to my name. My income is also up and down coming from commission checks from brokerage. What are my chances of getting approved for a loan? I don’t want to lose my deposit because I can’t get any financing due to my situation. by nelson375 from Greenville, Florida. Dec 15th 2021
Joe Metzler (JoeMetzler)
#17 ranked lender in Minnesota - 4,848 contributions
Probably pretty good. First, apply with a mortgage broker, and have them review everything to see if you qualify under traditional guidelines. If you don't, there is a cool loan for investors only where NO INCOME documentation is required. Simply put, if the rent is more than the mortgage payment, you should be fine. Different lenders have different names for this program, but the most common is a DSCR program (debt service coverage ratio). I'm not licensed in Florida personally, but our company is, and we do these loans all the time. I lend in MN WI IA ND SD. Find more information at https://joemetzler.com/no-doc-loans/ - Cambria Mortgage, NMLS 274132
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