NEED HELP!! RESIDENTIAL LENDERS

[Jack Soluyy]

Hello fellow BPers, heres the scenario:

I want to get a mortgage for multifamily property. I am self employed, I claimed unemployment since march of last year (2020). I’m unsure as to how this may help or hurt me. I live in NY

I have 795 credit score, no debt, and 75k liquid in the bank. 

Any advice or actions I can take to further this process and goal of mine? Should I have any issues getting a loan? 

What can I do to get around rejections if thats happens?

Thank you for your time. 

[Stephanie P.]

@Jack Soluyy

Of course you qualify for a mortgage; just not conventional Fannie and Freddie guaranteed.  

You need a mortgage broker to show you what a portfolio/non-qm loan can do for you.  With your credit score and cash in the bank, you'd end up at the upper end of pricing and could get a loan for a purchase at 75% loan to value.  It's not conventional, so don't expect rates in the 3's, but high 4's on a 30 year fixed with a few points is certainly in the ballpark.

Plenty of mortgage brokers to help you right here on BP

Best of luck

Stephanie