Currently have a conventional loan on the primary residence and looking at a second property that would require a jumbo. Wondering if lenders look at that combination differently than they would two standard mortgages or if the jumbo on the second property creates any complications for future financing down the road.
Six years running an HR consulting practice. Business is steady and growing but the tax picture is complicated in exactly the way you would expect for a successful small business. Got 24 months of statements organized, categorized and ready to go. Feeling good about the preparation but a little uncertain about what happens next. Anyone who has been through this recently, what would you make sure to double check before submitting everything?
Catering bookings are consistent, cash flow is strong and a second truck got added last year. But lenders keep asking for tax returns and the returns look modest because everything gets reinvested back into the operation. The bank account tells a completely different story. Someone at a local business meetup mentioned bank statement loans a few weeks back and homeownership suddenly felt like a near term possibility rather than a distant someday. Anyone in a cash heavy or seasonal business who has gone this route? What did the process actually look like?
Eighteen years building a staffing business from scratch, sold it, took some time to decompress and now want to buy a proper home for the first time in years. Every single lender conversation starts the same way. Pay stubs. W2s. Employment verification. None of that exists anymore. The sale proceeds are sitting right there in an account and apparently that counts for nothing in the traditional process. A financial planner finally mentioned asset depletion loans last month and it was genuinely the first time any of this felt like it had a real solution. Has anyone navigated the mortgage process after a big business exit or major liquidity event? Would love to hear how others got through it.
Has anyone gone through this process, what are repercussions of this if someone is on H1B visa?
Only recently started a conversation with a broker about this and the answer was not exactly clear. Wondering if the length of time in business affects which option is available or if it comes down to whichever one makes the income look stronger on paper.