Put the Previous Behind You With the Clear Slate Program
When you may have a turbulent monetary historical past, everyone knows how vital it’s to wipe the slate clear so you may embrace the nice issues coming your means. Within the mortgage realm, it’s generally laborious for lenders to maneuver on. They have an inclination to focus in your previous, making it laborious to set actual property objectives for the long run.
At MortgageDepot, we perceive that not all of our purchasers can have pristine monetary information. Typically, that doesn’t make them any much less worthy of a mortgage! We provide the Clear Slate program to assist our purchasers enter (or reenter!) the true property recreation.
What Is the Clear Slate Program?
The Clear Slate program helps debtors with purple flags on their monetary histories get a mortgage that is sensible, with cheap rates of interest and enticing phrases. Debtors who’ve a current foreclosures on their report typically think about this feature.
The Clear Slate program requires vital documentation, however there’s no cause to fret! Our skilled mortgage officers will information you each step of the best way to make sure that no element is missed.
Clear Slate Program Choices
If the Clear Slate program’s documentation necessities sound a little bit intimidating, relaxation assured that there are a number of methods to indicate the lender that you simply deserve financing. Listed below are the choices:
- Full documentation
Debtors require two years of tax returns, P&Ls, or paystubs and two years of W-2 varieties to make use of this feature.
- One-year full documentation
Debtors require one yr of the documentation varieties listed above to qualify.
- 24-month financial institution assertion/1099
This selection targets self-employed debtors and requires 24 months of financial institution statements as a substitute of tax returns. Unbiased contractors or freelance staff can use two years of 1099 statements as a substitute of tax returns to confirm revenue.
- 12-month financial institution assertion/1099
The necessities for this are the identical because the 24-month financial institution assertion/1099 choice, however the borrower solely wants to offer 12 months of documentation.
- Asset utilization
This selection targets debtors who want to use their property as a substitute of their revenue to qualify for a mortgage. A 60-month evaluation calculation determines eligibility.
Contact Us Right now!
Do you want your monetary previous didn’t must have an effect on your actual property future? The Clear Slate program is likely to be your resolution! Contact MortgageDepot at the moment to see if the Clear Slate program is best for you!
Join with one in all our mortgage consultants for extra data.