There’s an Option for Everyone to Buy a Home: Find the Right Mortgage for You at Armstrong Mortgage
Carmel, United States - August 16, 2024 / Armstrong Mortgage /
Purchasing a home is a big deal for self-employed individuals who may struggle with traditional mortgage requirements. Michael Armstrong and his team at Armstrong Mortgage offer a solution through bank statement loans in Carmel, IN, providing an accessible path to homeownership for those who may not qualify for conventional loan options. Armstrong Mortgage prides itself on offering personalized, one-on-one service, ensuring each client's unique needs are met with the highest level of customer service.
What Are Bank Statement Loans?
Bank statement loans refer to a type of non-QM (non-qualified mortgage) loan designed specifically for borrowers who may not have the traditional documentation required for a conventional mortgage. Unlike standard loans that rely on tax returns, W-2s, and pay stubs, bank statement loans use personal or business bank statements from your account to verify income. This is particularly beneficial for self-employed individuals, freelancers, and those with non-traditional income sources who often face challenges in proving their ability to repay.
The Benefits of Bank Statement Loans
Bank statement loans offer several advantages to consider. They have flexibility in income verification. Borrowers can qualify without relying on traditional income documentation, making it much easier for those with non-traditional income sources to secure a mortgage. These loans can also be used for various types of properties, providing greater flexibility for borrowers. There's no requirement for Private Mortgage Insurance (PMI). With a 20% down payment, borrowers can avoid the additional cost of PMI. Bank statement loans also often come with higher loan limits compared to traditional mortgages, allowing borrowers to access more funding.
Potential Drawbacks of Bank Statement Loans
While bank statement loans offer many benefits, there are some potential drawbacks to consider before you jump in. These loans often require a higher down payment, which can be a barrier for some borrowers. Interest rates for bank statement loans can also be higher than those for traditional mortgages. Not all lenders offer bank statement loans, so it may be necessary to research and find a lender who specializes in these loans. On top of that, lenders may require a history of business operations, which can be a challenge for newer businesses.
Why Choose Armstrong Mortgage for Your Bank Statement Loan?
Michael Armstrong and his team at Armstrong Mortgage provide the personalized service and expert guidance you need to get you through the loan process. With a focus on transparency and honesty, they ensure that you understand your options and feel confident in your mortgage decision. Armstrong Mortgage's commitment to customer satisfaction and low-cost mortgage solutions make it an excellent choice for those seeking bank statement loans.
Learn More About Bank Statement Loans by Reaching Out to Michael Armstrong at Armstrong Mortgage
Bank statement loans in Carmel, IN, offer a viable path to homeownership for self-employed individuals and those with non-traditional income. By providing flexibility in income verification and accommodating unique financial situations, these loans make it possible for a broader range of borrowers to achieve their homeownership dreams. For personalized service and expert guidance, Armstrong Mortgage is the ideal partner in navigating the bank statement loan process. Contact Michael Armstrong at Armstrong Mortgage today for a consultation and take the first step toward securing your dream home.
Contact Information:
Armstrong Mortgage
Carmel, IN
United States
Contact Michael Armstrong - NMLS # 1623098
(317) 362-6346
https://armstrongmtg.com/
