Put the Past Behind You With the Clean Slate Program
When you have a turbulent financial history, we all know how important it is to wipe the slate clean so you can embrace the great things coming your way. In the mortgage realm, it’s sometimes hard for lenders to move on. They tend to focus on your past, making it hard to set real estate goals for the future.
At MortgageDepot, we understand that not all of our clients will have pristine financial records. In most cases, that doesn’t make them any less worthy of a mortgage! We offer the Clean Slate program to help our clients enter (or reenter!) the real estate game.
What Is the Clean Slate Program?
The Clean Slate program helps borrowers with red flags on their financial histories get a mortgage that makes sense, with reasonable interest rates and attractive terms. Borrowers who have a recent foreclosure on their record often consider this option.
The Clean Slate program requires significant documentation, but there’s no reason to worry! Our experienced loan officers will guide you every step of the way to ensure that no detail is missed.
Clean Slate Program Options
If the Clean Slate program’s documentation requirements sound a little intimidating, rest assured that there are several ways to show the lender that you deserve financing. Here are the options:
- Full documentation
Borrowers require two years of tax returns, P&Ls, or paystubs and two years of W-2 forms to use this option. - One-year full documentation
Borrowers require one year of the documentation forms listed above to qualify. - 24-month bank statement/1099
This option targets self-employed borrowers and requires 24 months of bank statements instead of tax returns. Independent contractors or freelance workers can use two years of 1099 statements instead of tax returns to verify income. - 12-month bank statement/1099
The requirements for this are the same as the 24-month bank statement/1099 option, but the borrower only needs to provide 12 months of documentation. - Asset utilization
This option targets borrowers who wish to use their assets instead of their income to qualify for a mortgage. A 60-month analysis calculation determines eligibility.
Contact Us Today!
Do you wish your financial past didn’t need to affect your real estate future? The Clean Slate program might be your solution! Contact MortgageDepot today to see if the Clean Slate program is right for you!
Connect with one of our loan consultants for more information.
