Bank Statement Loan for Self-Employed

[Eric Sanne]

Hi everyone,

My wife and I are self-employed and finding it difficult to qualify for traditional financing. Imposible actually. I stumbled up bank statement loans and just spoke with a loan officer for an hour asking all of my questions. It seems that I need to raise my credit score from 720 to 740 to get the absolute best rate and come in with 15% down while I currently only have 10%. This will take me 2-4 months to save the money and while we are itching to get into the world of REI yesterday, I'm wondering if there are any other loan options I should be looking at? Even with 15% down and a 740 credit it will be roughly high 4 or low 5 for the interest rate.