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Invoice no format for Mortgage

if you're looking for a mortgage where you don't have to have a job and uh you don't have to have traditional types of income then you're in the right place so a lot of people don't realize that after the financial crisis in 2008 when you know a lot of people were doing what they call stated income loans um that's where just like it sounds like you didn't have to prove any income you just wrote it down on the application and as long as you had decent credit um basically you were okay at that time there were even stated income loans where you didn't have to put any money down this is not quite that generous but even though this is being recorded in January of 2024 it's possible today to get a mortgage and not list a job and not list any income but of course what you do have to have is a large down payment and very good credit so I'm going to tell you on during this video the basics of how this loan works and who it might be good for so I used this uh mortgage quite a few times over the last couple of years um and a type of person that this really works well for is somebody that obviously has a decent amount of money in the bank so I had a gentleman about oh two years ago and he had been uh what you call a c Lev executive so I believe he had been CFO of a company for a number of years and he basically retired early and he started his own consulting firm the problem is he had just started consulting firm like that month and for a self-employed person you have to have at least two years of self-employment history uh to be able ble to get a a mortgage and even though we offer mortgages for people that are self-employed uh where they don't use tax returns and they use bank statements instead you still have to have two years of history of being selfemployed so a mortgage like this where literally only application it is blank there is no job listed and it's blank there is no income listed it works perfect ly because that's not even part of the equation now you are going to have to have a minimum down payment of at least 20% um and uh you're going to also have to have a a large amount of money left over after closing and there's a guideline ing to you know how much you put down um and as to how many what they call months of reserves you have to have after closing so reserves uh months of reserves is just the mortgage payment so whatever the new mortgage payment is going to be you have to have with 20% down at least 18 months of that amount of the mortgage in either the bank or uh some sort of retirement fund or basically some type of liquid uh asset or Liquid account a lot of times people say well does Equity my hous work or you know Equity I have and car collection what have you that is not that doesn't count a liquid Reserve or Liquid account is something that can be sold basically immediately so retirement account would work even if it's going to be some sort of penalty you can still access that you had to of course cash savings you know stock things like that all that counts um if you put 20% down a minimum of 20% down you're going to have to have you know very credit score so um right now that's probably going to be 740 to 760 um if you put more money down then credit score requirement goes down so you can have down to a 700 credit score for this type mortgage um some things that are really interesting about this mortgage is it's not just for a purchase you can also take cash out and the majority of the cash that you take out can be used for those result serves um if you decide that you know you want to do a Cash out refinance you would still have to have I believe it's three months of mortgage payments in the bank you know already when you did the mortgage um but then the rest whether it was 12 or 18 months that you needed could be made up up the cash that you're actually taking out of its mortgage so guess you're killing two birds with one stone um another interesting thing about this is let's say say that uh you just started a business um your family's helping you out that 20% down can all be a gift so uh you could get a gift from a family member and that's fine um you could also of course get a gift for the reserves that you have to have after closing um and uh basically those are the um that's how the loan Works uh now like I mentioned it's not really for this video if uh you would rather um use bank statements that of tax returns because you have that history um then we have programs for that too uh of course the interest rate is going to be higher anytime you're doing a mortgage where you're using what they call a non-qualified mortgage which this would be that um the interest ratees going to be higher typically of course the interest rate also the less money you put down and you know lower your credit score of course the higher the rate so on average these types loans are going to be probably one and a half to 2% higher than whatever the standard mortgage rate is so this is being recorded again in January of 2024 let's just say the mortgage rate's about 7% now for a 30-year fixed conventional loan so you're probably looking at a high 8% or even 9% rate for a loan like this um of course this may be the type of mortgage where you just get into the house and then when you have that job history we could do a um a refinance and put into a normal mortgage lower the interest rate you know that that's a strategy use a lot as well um if you found this video helpful I would love it if you click like And subscribe if you have any questions you can put them in the comments below uh if you would like to talk to me about getting a mortg like this of course that'd be great you can go to my website mortgages by scott.com and feel free to call or text me at 70489 7168