California is a great state to live in for many reasons. You get to enjoy a great climate in most places, all while enjoying cultural diversity and plenty of progressive policies that make it the dream destination of most people. However, buying a home in the area can be challenging for many new homeowners. Still, most places in California have been well-developed and are ready for inhabitants to stay for long periods.
First-time homebuyers in Roseville might experience challenges with the whole process, which can be off-putting when they can’t find the right deals. Any place has its respective markets, and these can vary depending on a multitude of factors. However, before making any moves, it pays to consider the investment you’re making on a residential property in California.
Bank Statement Home Loans in Roseville
Securing home loans in Roseville is quicker than you might think, as there are plenty of lenders available to first-time buyers. While some might not meet the requirements of other loans like jumbo loans or conventional ones, bank statement loan programs can be of assistance. Plenty of factors play into how a person can secure the best rates for their mortgages, such as credit history, debt-to-income ratio, and other factors that determine financial responsibility.
Roseville is home to plenty of new developments, making it a destination for many young professionals and entrepreneurs. While it can be a daunting task to secure home loans, bank statement loans can be used nowadays to secure financial assistance to purchase a property. This system works by verifying income with bank statements instead of pay stubs or tax return documents. If you find that you have a good credit score but lack substantial income on your federal tax returns then, bank statement loans are a prime choice.
Seasonal Employees and Bank Statement Home Loans in Roseville
Some people working in seasonal industries might not have a steady income all-year-round to sustain traditional home loans. These people might take odd jobs due to not being currently employed, while others might freelance to help pay the bills. Nonetheless, taking on a conventional loan will divide the value of your annual payments into 12 months and not six. This spread makes it nearly impossible to secure a traditional loan because it results in a high debt-to-income ratio.
However, with bank statement home loans in Roseville, using your income per month can secure you a deal with a lender. You need to be working for the seasonal company for at least two years to qualify, but this is an excellent option considering how large home payments can be for those with varying income throughout the year.
Commissioned Work and Bank Statement Loans
Commissioned workers are more prevalent nowadays, as the industry is significant for people who need work done via freelancing. Since freelancing never brings home an equal amount of money for each commissioned piece, it can be challenging to secure a conventional loan. Some months can have exorbitant amounts of money, while other months are stale. The gig isn’t a steadily paying job with a monthly salary however it can be averaged over 2 years by using your federal tax returns. However, if your income on paper is too low then the bank statement program is something to consider.
Home Loans Expert in Roseville: Steelman Mortgages
Bank statement home loans in Roseville can help those who are young and new to the workforce. Without the need for a comprehensive set of documents to prove that you qualify for lenders’ money, this is best for those who have decent-to-good credit scores and unique job situations. Contact your local lender today to help you with the first-time home buying process.
Steelman Mortgages is a top mortgage company in Roseville, California who can help with home loans of all kinds. Secure your dream home in the beautiful West Coast by contacting our brokers today! Call (916) 847-7263 for more information.
