Posted on: 29th May, 2009 08:26 am
i have a client who is a travel agent and doesn't show a lot of income. He wants to purchase a home for 240k, putting 20% down and he'll still be left with a good chunk 100k plus in the bank. Can he get a loan at a decent rate? He is first time buyer with 750+ credit score
He should have no problem getting a loan at a decent rate pending his "low income" does indeed qualify him for the mortgage he is looking to obtain. The question will not be can he get a low rate, it will be does he QUALIFY for the loan based on his income. I hope this helps...
one thing of importance is where your client is purchasing. there are limited documentation loans available in certain areas. fill us in.
Exactly....and if you are in California, I only found one lender who will do stated and in certain counties only.
