How to qualify for a mortgage without tax returns, w2s or 1099s.
DDA Mortgage • March 14, 2022
Bank statement loans are a great option if you have a lot of write-offs on your 2021 or 2022 taxes, if you don't have enough money on paper to qualify for a loan, or if you aren't a typical W2 employee.
How does a bank statement loan work?
The bank statement loan is a loan program that uses 12 months of business bank statements. In this particular program, we don't need a letter from your CPA, we don't need a profit and loss statement, we don't need tax returns, we don't need W2s, we don't need 1099s.
Here are the do needs and don't needs.
You Do Need:
- 12 months of bank statements
- To show monthly deposits into the account
You Don't Need:
- A letter from your CPA
- A profit and loss statement
- Tax returns
- W2s
- 1099s
You can buy a home with 10% down, up to 1 million dollars. These programs depend on the lender and are subject to change at any time. So, if yo are interested, please compete the form below, and we will let you know if the program is available and when we might expect terms to change. For more information about DDA mortgage, check out our reviews below.
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Are you a salaried employee, hourly, self-employed, or a contractor? Do you receive bonuses, commissions, or overtime? How consistent is that income? Can you provide recent pay stubs, W-2s, or tax returns? Self-Employment (if applicable): How long have you been self-employed? Can you provide two years of business tax returns and profit/loss statements? 🔹 Funds to Close Questions Lenders want to confirm you have enough money to cover the down payment, closing costs, and reserves. Questions may include: Source of Funds: How much money do you have saved for the down payment and closing costs? Where are these funds coming from (savings, checking, retirement account, gift, etc.)? Are you receiving any gift funds? If so, from whom? Asset Documentation: Can you provide bank statements from the past 2–3 months? Are there any large or unusual deposits? Can you explain them? Reserves: Do you have additional savings left after closing (reserves)? Can you show evidence of other assets (stocks, bonds, retirement)? tune in and learn https://www.ddamortgage.com/blog didier malagies nmls#212566 dda mortgage nmls#324329
Yes, the reverse mortgage market is projected to experience growth in 2025. Analyses indicate that the market size will increase from $1.79 billion in 2024 to $1.92 billion in 2025, reflecting a compound annual growth rate ( A reverse mortgage can be a useful financial tool for certain homeowners, especially older adults looking to access home equity without selling their home. Here are the key benefits of a reverse mortgage: 🏡 1. Access to Home Equity Without Selling You can tap into your home's equity and receive funds as a lump sum , monthly payments , or a line of credit , without having to sell your home or move out. 👴 2. No Monthly Mortgage Payments Unlike a traditional mortgage, you don’t make monthly payments . Instead, the loan is repaid when you sell the home, move out permanently, or pass away. 💵 3. Flexible Payout Options You can choose how to receive the funds: Lump sum Monthly payments (tenure or term) Line of credit Or a combination This flexibility helps match your financial needs. ✅ 4. Stays in Your Name You retain ownership of your home, and as long as you meet the loan requirements (like maintaining the home and paying property taxes/insurance), you can continue to live there. 🛡️ 5. Non-Recourse Loan You (or your heirs) will never owe more than the home is worth . If the home’s value drops below the loan balance, the FHA insurance (if it's a HECM—Home Equity Conversion Mortgage) covers the difference. 👨👩👧👦 6. Heirs Have Options When you pass away, your heirs can: Repay the loan and keep the home Sell the home and keep any remaining equity Walk away if the loan balance exceeds the home’s value 💰 7. Supplement Retirement Income Reverse mortgages can provide a source of income during retirement, helping cover expenses, delay Social Security, or preserve investments. Would you like a quick rundown of the downsides too, just so you have the full picture?
