Despite interest hikes and talk of a real estate slowdown, housing inventory is still low, and the market remains intensely competitive. But there are steps buyers can take to put themselves ahead of the pack and make an offer a seller can’t refuse.
The very first step to take is to get pre-approved for a mortgage loan, and even better, get the loan fully underwritten. That way, if you fall in love with a house, you’ll be ready to pounce, and the seller will be happy to have a fully prepared buyer.
However, for those who don’t have standard W2 income from an employer — freelancers, self-employed, small business owners, consultants — getting a loan approval becomes trickier. That’s where a bank statement loan can be an ideal option.
If you can provide 12 months of bank statements, you have an alternate route to showing your cash flow.
When approving loans, our team also prefers to see:
• A minimum credit score of 680 • A debt-to-income ratio of up to 49.99%
Here are a few more tips that will make your offer extra appealing: • Offer to buy as-is. Demanding repairs slows down the process, so anything that makes the seller's life easier may be a win-win. • Offer a lease-back, a short-term arrangement which will provide the seller more time to move out without delaying the close of escrow. • Shop in a lower-priced market, where you will have more purchasing power. • Choose a lender with fast closing times. Sellers are enticed by the offer of a fast close. Our Team is able to close in 12- 14 days
If you'd like to find out more about what we're doing or how we're doing it, connect with us today!