Embark on an enchanting journey through the lush landscapes of Tennessee as we unveil the story of Jeffrey, a visionary self-employed business owner, and his pursuit of a $4 million luxury dream home in The Highlands of Belle Meade. In this tale of opulence and strategic financing, Jeffrey’s narrative unfolds, showcasing the rare gem he discovered and the seamless real estate transaction orchestrated by Mbanc, a top mortgage lender specializing in tailored solutions for non-traditional income.
Discover the allure of The Highlands of Belle Meade, where Jeffrey unearthed a $4 million luxury dream home, captivating luxury buyers seeking an unparalleled living experience in the heart of Tennessee.
Jeffrey’s Complex Income: A Unique Challenge:
As a self-employed business owner, Jeffrey faced the challenge of complex income streams, often deemed non-qualifying by traditional lenders. The mortgage professionals at Mbanc showcased their expertise by skillfully navigating through the layers of Jeffrey’s financial portfolio. They were not deterred by the non-traditional nature of his income, but rather, they saw an opportunity to leverage innovative solutions. By delving into the details of Jeffrey’s business structure, cash flow patterns, and income sources, Mbanc’s team acquired a comprehensive understanding of his true financial standing.
Gathering necessary financial information became a strategic process, where every piece of the puzzle played a crucial role in reflecting Jeffrey’s actual income. This meticulous approach allowed Mbanc to go beyond the limitations imposed by traditional lenders, enabling them to accurately interpret Jeffrey’s financial profile.
Mbanc Bank Statement Mortgage Program: Bridging the Gap
For self-employed clients, the benefits of Mbanc’s Bank Statement program are manifold. Recognizing that tax returns may not always accurately depict their true income, this program becomes a beacon of flexibility and understanding. By focusing on bank deposits over a more extended period, Mbanc ensures that self-employed individuals can showcase the consistency and stability of their income in a way that aligns with their unique financial circumstances. This not only simplifies the qualification process but also provides a pathway for these clients to access the home financing they deserve, unlocking opportunities that traditional lenders might overlook. Uncover the criteria and documentation required for Mbanc’s Bank Statement Mortgage program:
- Minimum Income Requirement:
- Personal Bank Statements: Qualifying income is determined by the total eligible deposits from the 24 or 12-months of personal statements divided by the number of statements.
- Business Bank Statements: 24 or 12-months of business bank statements. Qualifying income is determined by one of the following analysis methods:
- Fixed Expense Ratio (50%)
- Expense ratio provided by a 3rd party (CPA or EA) min ratio of 10%.
- Financial Stability:
- Be able to evidence a continuous record of employment and/or a pattern of deposits in bank statements.
- Creditworthiness:
- Maintain a good credit history.
- Down Payment:
- Provide a down payment. Typically Non-QM lenders ask for a minimum of 15% Down Payment
- Mbanc’s Criteria for Bank Statement Mortgage:
- Minimum 660 FICO score required (higher scores result in better interest rates and terms).
- Self-employment history of at least two years.
- 12 or 24 months of bank deposits.
- Minimum down payment of 15%.
- Debt-to-Income (DTI) ratio of up to 50%.
- Reserves of 6 to 12 months.
Why Mbanc?
Jeffrey’s Tennessee Dream Home Chronicles stand as a testament to the harmonious blend of luxury real estate aspirations and strategic financing with Mbanc’s expertise and specialized programs. As individuals with complex income seek top mortgage lenders attuned to their unique needs, Jeffrey’s narrative serves as a beacon of success in navigating the intricate terrain of luxury real estate transactions. As direct lenders, we partner with you for mutual success. Our seasoned professionals take a vested proactive approach to help you every step of the way, with Mbanc.