A self-employed family got denied for conventional loans because their tax returns didn't match their actual income. McAllen Mortgages used bank-statement loans to qualify them, then switched strategies when the appraisal flagged the property as agricultural. Once they file 2025 taxes, they can refinance into a traditional loan at a lower rate.
Most lenders say no. We say let's strategize. So normally a self employed buyer that writes their income off on taxes can't get traditional home financing. For example, we had a recent family come in, they're self employed, they own a handful of businesses, very profitable, but not on taxes. They write a lot of it off and they were having trouble getting normal financing. But their dream home just hit the market. We had to help them out. So we pivoted to a bank statement loan using what's in their bank account as the actual cash flow and income for the business. We proceed forward, get them under contract on their on their dream home, and the appraisal comes in. It shows the property is owned agricultural, and most basement loan lenders won't touch that. So we had a pivot again while on the clock in underwriting a couple of weeks before closing, found yet another solution to strategize. They're now clear to close. They're closing on their house this week. We strategize for the long term. We're showing them that if they file their taxes and show their income in 2025, we then could refinance them later this year into a more traditional financing with a lower interest rate. Three different options, all under one roof. Normally that'd be three different mortgage companies, three different lenders. To pivot all those different things had to retell their story every step along the way. McAllen Mortgages, we do it all under one roof. No handoffs, much easier. That's the difference in today's mortgage world.
