The following is a partial list of programs offered by New Vision Financial with a brief description of the key elements of each. For a complete list of the programs that we offer, please contact us at 201-280-7400.
Traditional mortgage lenders might find it difficult to assess a self-employed person's income due to its variability. 1099 self-employed mortgage loans use methods that better capture the financial realities of self-employment.
An asset depletion mortgage, also known as an asset dissipation mortgage, is a type of home loan designed for individuals with substantial liquid assets but irregular or insufficient traditional income sources. This type of mortgage allows borrowers to qualify based on their assets rather than their income. Lenders calculate an imputed income based on the value of the borrower's liquid assets, which can include savings accounts, retirement accounts, investments, and other financial assets.
Unlike regular mortgages that rely on tax returns and pay stubs, bank statement loans use your bank statements to verify your income. This is a great option for self-employed individuals, freelancers, or those with commission-based income.
DSCR (Debt Service Coverage Ratio) loans are specialized financing options primarily used in commercial real estate and investment properties. These loans focus on the property's ability to generate sufficient income to cover its debt payments, rather than relying solely on the borrower's personal income. DSCR loans provide real estate investors with a flexible and tailored financing solution that assesses the property's cash flow, making them particularly valuable for income-producing properties and projects.
This investment strategy involves buying undervalued properties, renovating them to enhance their value, and then selling them for a profit. It's a dynamic and potentially lucrative path to building wealth, but it's not without its challenges.
Traditional mortgages can be a roadblock for self-employed individuals and business owners. Steady income and a clear job history are typical requirements, but that doesn't reflect the reality of running your own business.
This is where P&L (Profit and Loss) loans come in. They're a lifeline for entrepreneurs seeking homeownership by offering a flexible solution that considers the ups and downs of business income. Unlike traditional loans, P&L loans assess your business's financial health through its profit and loss statements, allowing for a more customized approach to lending.