WITHBORROWERS

IRREGULAR INCOME

A R E I N T E R E S T R A T E S H I G H E R F O R

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S E L F - E M P L O Y E D A N DC O M M I S S I O N E D B O R R O W E R S

Borrowers are often left without amortgage because of the difficultywith their income despite the factthat they can probably afford themortgage. As the industry makes acomeback, however, smallerlenders are willing to take achance on borrowers such asthese, allowing them to usealternate or no documentation toget the mortgage they need. Thebig question is, however, areinterest rates much higher?

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Among the things the lenderlooks at to determine your

interest rate includes:

Credit score

Amount of down payment

Debt ratio (if you are

verifying your income)

Amount of reserves (if

you are verifying your

assets)

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E A C H B O R R O W E R P O S E S A D I F F E R E N TR I S K L E V E L F O R T H E B A N K

If the commissioned borrower has a credit score of720, puts down 30 percent on the home, and has adebt ratio of 28/33, based on his income in his bankstatements, he will have a pretty competitive rate.

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As you can see, theinterest rates for low docor no doc loans can varyjust as much as anyother loan type. Whatyour individual factorsare is what drives theinterest rate. The bestway to ensure a low ratefor this type of loan is tomake sure your creditscore is as high aspossible before applying.

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B A N K S T A T E M E N T . L O A NL E N D E R H O T L I N E : 8 8 8 - 5 8 1 - 5 0 0 8

C L I C K H E R E

T O L E A R N M O R E

BSL

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Justin McHood is Americas MortgageCommentator and has been providing

Mortgage commentary for over 10 years.

Mortgage Commentator

INFORMATION PROVIDED BY:Justin McHood

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