More Loan Options Than You Think

by Patti Gregory

You probably qualify for more than you think

If a bank told you no, that doesn't mean you can't buy a home.

It may just mean you talked to the wrong lender, or heard about only one kind of loan.

Self-employed?

Retired?

First-time buyer with not much saved?

There are loan programs built for exactly your situation.

In episode 2 of our podcast, lender Scott Christian and I walked through the options most buyers never hear about.

Here's what you need to know.

The 3-step lender check

Before you pick a loan, pick the right lender.

Use this simple check:

Compare on the same day. Rates change daily, sometimes more than once a day. A Monday quote and a Thursday quote aren't apples to apples, so get every quote on the same day.
Weigh service as much as rate. The lowest rate means nothing if your lender misses deadlines or can't close on time. Ask whether they pick up the phone at night and on weekends, because offers don't wait for business hours.
Ask how many lenders they can access. A bank or credit union can offer only its own loans. A mortgage broker can shop many lenders and programs to find the one that fits you.

The right lender doesn't just find you a rate.

They protect your deal all the way to closing.

Self-employed? Your bank statements can be your proof of income

Great business, smart write-offs, and tax returns that make your income look small.

That's the self-employed buyer's catch-22.

A traditional loan looks at your taxable income.

A bank statement loan looks at the money actually flowing into your accounts.

Here's how it works:

Your lender reviews 12 or 24 months of bank statements.
They apply an expense factor to account for business costs.
What's left is used as your qualifying income.

Rates on these programs can run a bit higher than a conventional loan.

But the difference is often smaller than buyers expect.

And it can be the difference between owning a home this year and waiting on the sidelines.

Retired? Your savings can help you qualify

You may have a healthy retirement account and very little monthly income on paper.

That doesn't have to stop you.

Some loan programs let a lender count a portion of your retirement assets as qualifying income, even if you aren't taking withdrawals yet.

That means you can:

Downsize to something easier to maintain
Move closer to kids and grandkids
Buy the home you want for this chapter of life

All without having to cash out your investments first.

Your years of saving keep working for you.

First-time buyer? You may need less money than you think

The biggest myth we hear is that you need 20% down.

You don't.

There are programs right now that require little or no money down, and some can help with closing costs too.

You'll still need:

Steady income you can document
Credit that meets the program's guidelines
A lender who knows which programs you qualify for

And here's why timing matters.

Home prices in Southern California have kept climbing, even with higher rates.

Every year you wait to save more, the price of the home you want can rise faster than your savings.

The sooner you know your options, the sooner your money starts building equity instead of paying rent.

Find out which loan fits you

You don't need to have it all figured out.

You just need one conversation.

Tell us your situation, and Scott will show you which programs you qualify for.

Zero pressure.

Just clear answers, so you can move forward with confidence.

Watch the full episode: Podcast Episode 2 | Loan Options

Reach out to Patti: 714.398.1998 pattigregoryrealestate@gmail.com

Reach out to Scott: 949.456.2455 loans@cbrosinc.com

New episodes dropping every week.

Got a question you want answered on the show?

Send it our way, and we'll put it on the list.

Patti Gregory, REALTOR® | Haven Realty Group | REAL Brokerage | DRE #01182154

Scott Christian | Christian Brothers Lending, powered by Arbor Financial Group | NMLS #316101 | DRE #00922253

Program availability, guidelines, and rates vary and are subject to change. All loans are subject to credit approval. Not a commitment to lend.