Now at Homewood Mortgage – Low-doc Construction Loans for the Self-employed
DALLAS (PRWEB) July 23, 2018 -- Now for the first time, self-employed individuals are eligible for reduced documentation construction loans on homes to be built in Texas. Known as Jumbo Loans, they are available only for homes valued at $647,287 or more.
Until now, stated-income Jumbo loans were available only for the purchase of homes on the ground. Homewood Mortgage is the first to offer low documentation home construction loans up to $2 million to the self-employed.
Required documentation consists of 6-months’ business bank statements, verification of at least 2 years’ self-employment in the same business, and minimum credit scores of 700. Borrowers must be self-employed, must have U.S. citizenship, and the home must be constructed in Texas.
Low documentation loans, also known as stated income loans, are favored by the self-employed because borrowers are not required to submit Income Tax returns.
The maximum loan to value is 70% on loans up to $1 million and 60% on loans up to $2 million.
Mike Clover, of Homewood Mortgage’s Mike Clover Group, has been recognized in Texas Monthly Magazine for 4 years for outstanding customer service. His group is known throughout Texas for its responsiveness and fast closings, and for eliminating the red tape often associated with constructions loans.
For complete details, visit http://www.mikeclover.com/Stated-Income-Jumbo-Loans.html or call 1-800-233-7409.
Mike Clover, Homewood Mortgage,LLC, http://www.mikeclover.com, +1 (800) 223-7409, [email protected]
Share this article