3 Ways to Get a Mortgage Without Having All the Money 🏡 #RealEstate #Mortgage #HomeBuying

How tricky has it become to get a mortgage on a property? I hear it's getting very tricky and much harder. I heard years ago anybody would just sign a few documents and say they make a million dollars a year and get a house for $700,000. The number one [music] factor in getting a loan is being motivated. I've never had a client that was motivated to close. [music] Seriously, I didn't close. So, if a person wants to close, he will always close >> regardless of their income. >> Regardless of their income, correct? >> But they still have to be able to make the monthly payments and have a down payment. [music] that a lot of it nowadays in self-employed individuals have a lot of room to facilitate their own ability to get a mortgage. There's [music] two different types of loans that a lot of self-employed people get nowadays. Number one is if [music] they're buying an investment property or they call it investment, they can use the rental income to support the mortgage. So, let's say you're buying a property, you show that you want to buy a place for a million dollar putting 20% [music] down generally and you could afford $800,000 based on the rental income of the subject property. [music] It ran for $6,000 with taxes, insurance, HOA, whatever. It covers it. One to1 ratio, 6,000 or let's say the payments on the mortgage or less, you're [music] good to go. >> The 20% then you have 200k, you could get a million dollar home. As long as the rental could technically pay the mortgage, you're good to go. >> And that has to be like that's for investment properties really ideally. The other one, which is easier as for primary residents, is something called a P&L loan, profit and loss, right? That you're making a certain amount of income that could cover the mortgage, which is crazy. just one document, not no bank statements or anything to support it. Sometimes you have to show two months bank statements, but essentially you're basically have on paper a [music] P&L. It's just a letter, right? And it's no tax returns. You're just writing that you made a certain amount of revenue minus expenses equals net income. [music] Bada boom, bada boom, you got a loan. >> Could the accountant be on the line? If anything, could they sue it? >> Then the [music] other was which was like we talked about bank statement program which you show either 12 24 months of cash flow from the business. The banks could go out based on the top-of-the-line revenue. Let's say you make $100,000 a month in revenue. You [music] have 15% minimum expense ratio. So $100,000 now we reduce to 85 and the banks will go up [music] to about 50% of that in debt. That means you can get a 40,000 so in housing revolving credit debt [music] which is a huge amount. Let's say for a million dollars it's $7,000. You [music] can get $3 million loan.