Featured Loan

Owner Occupied: Self-Employed Qualified Using 12-Months Business Bank Statements

Loan Details

Loan Amount:  $475,000

Loan-To-Value:  65% LTV

Rate: 6.99

Term: 5/1 ARM Interest-Only

Situation & Challenge

The self-employed homeowners in Washington state had seller financing on their primary residence coming due within a few months and needed to refinance.

Traditional conventional financing can be difficult for self-employed borrowers due to fluctuations in Adjusted Gross Income (AGI), which is most often the final number of conventional underwriters work from. 

Solution & Result

First Capital worked with a non-QM lender that used the half of gross deposits from the most recent 12 months of business bank statements to calculate income.   

The non-QM route was the way to go. Though painful and cumbersome at times, as all consumer loans tend to be, FCTD got the loan done, paying off the seller financing. 

Do you have a similar financing scenario?
Inquire about your financing options with FCTD.