Forgotten Your Password?

Need to Register?

Question Icon

looking for a fannie mae loan with 2 years bank statements to buy a house at auction

by c.beernann7286 from , California. Dec 16th 2016 Reply


Joe Metzler (JoeMetzler)
#21 ranked lender in Minnesota - 3,262 contributions

All your standard loans (Fannie, Freddie, FHA, VA, etc) do not offer any products using non-tradition income. Bank statement type income loans offerings are few and far between. If you can find one, they typically require very large down payments (20% or more), and interest rates around twice the standard loan rates. Auction houses also can become a little bit of a potential problem, as standard loans have issues with you financing auction house fees. Good luck.

Dec 19th 2016
0
0
Larry Gray (lgray_312_247)
#1 ranked lender in California - 900 contributions

Unfortunately, there is no such fannie mae loan without qualifying on either income derived from pay stubs/w-2s or via fannie mae approved calculations on net income for self employed borrowers, or a combination of both. However, we are able to calculate income from reserves to help boost overall monthly income in qualifying. I do an alternative loan with a minimum requirement of 20% down wherein we derive income from bank statements. I answered a previous question about using a fannie mae loan for buying a house at auction. It is very important to find out what is acceptable to be able to bid on such homes at auctions. Sometimes a buyer is required to come up with all the money for the purchase in a short period of time. If they allow for a certain amount of deposit and to secure a fannie mae loan by 30 days. then you would have to per the above methods of calculating income or see if they accept the alternative loan I mentioned above.

Dec 19th 2016
0
0
Subscribe to our news feed.