Despite interest hikes and talk of a real estate slowdown, housing inventory is still low, and the market remains intensely competitive. But there are steps buyers can take to put themselves ahead of the pack and make an offer a seller can’t refuse. 

The very first step to take is to get pre-approved for a mortgage loan, and even better, get the loan fully underwritten. That way, if you fall in love with a house, you’ll be ready to pounce, and the seller will be happy to have a fully prepared buyer.

However, for those who don’t have standard W2 income from an employer — freelancers, self-employed, small business owners, consultants — getting a loan approval becomes tricker. That’s where a bank statement loan can be an ideal option

If you can provide 12 months of bank statements, you have an alternate route to showing your cash flow. When approving loans, MBANC also prefers to see: 

• A minimum credit score of 660 
• A debt-to-income ratio of up to 55%

Here are a few more tips that will make your offer extra appealing: 

• Offer to buy as-is. Demanding repairs slows down the process, so anything that makes the sellers’s life easier may be a win-win. 
• Offer a lease-back, a short-term arrangement which will provide the seller more time to move out without delaying the close of escrow.
• Shop in a lower-priced market, where you will have more purchasing power. 
• Choose a lender with fast closing times. Sellers are enticed by the offer of a fast close. MBANC offers loans that close in 21 days. 
• Consider waiving finance contingencies or “escape clauses” for the buyer. This move will give the seller more confidence and help you be more competitive against an all-cash buyer.