Hi! Does anyone have a resource/connection/idea they think might help the following disqualified borrower in an emergency situation? A friend makes $42K/yr but does not have W2 or taxes for income verification, nor do they have a profit and loss statement to prove business funds. They have bank statements to back up the income. They have a credit score of 620 and $8K+ available for down payment on $150K sale price. Home is valued closer to $180K. No additional assets, monthly debts <$250. They are looking for a short term loan, likely a hard money loan, in order to establish income verification documents and refi for a conventional mortgage. This is in IL. We are pretty sure there is no way to get this to work, but looking for any suggestions.
If you are wondering what happened here... a tenant made a verbal agreement with their landlord that they would eventually buy the property when tenant says he is ready to do so. They were good friends prior to entering rental agreement. Landlord is now giving 30 days notice to vacate because they want to sell the house. Tenant must show preapproval letter or similar showing they intend to buy the home. Tenant has not paid taxes in a couple years, so he doesn't have W2 or taxes as proof of income. He is going to file for previous years next tax season to have valid proof. Are you aware of any creative ways to keep this family in their home? Let me know, thanks!
