Scenario
A self-employed spa owner in New York was facing challenges securing a mortgage for a new home. Due to reporting a low net income on their tax returns, their debt-to-income ratio (DTI) was calculated at 56%, far exceeding the limits for traditional loan approval. Worried that their reported income wouldn’t qualify, the client was concerned about not being able to achieve their homeownership goals.
Flexible Bank Statement Loan Solution
After assessing the client’s situation, our team recommended a 12-month Bank Statement loan program. This product allows for alternative income calculations based on business bank account deposits over the past 12 months, instead of relying solely on tax returns.
By leveraging this alternative method, the client’s DTI was recalculated and reduced from 56% to 37%, meeting the loan approval requirements. Thanks to this tailored solution, the client successfully secured the mortgage and achieved their dream of purchasing a new home.
Client Testimonial
“As a self-employed business owner, I always thought traditional loans were out of reach for people like me. Your Bank Statement loan solution completely changed my perspective! Not only was I able to buy my dream home, but I also learned better ways to manage my business finances. Thank you for your support and expertise!”