Over the years we have helped many of our clients finance their homes by using their most recent income (1 year tax return) and omitting previous lower years. We found this loan solution was especially helpful to our clients who were self-employed or who worked in the entertainment industry. However, this program has always required a 10-20% down payment.
This is no longer the case!
Now, we can help our clients qualify for conventional mortgages up to $625,500 with 5% down AND while using their current income to qualify.
This is a HUGE victory for freelance and millennial buyers who have seen their income increase in the last 12-18 months but have not yet been able to save the 10-20% down previously required.