Banker helps self- employed buyer close with 10 percent down

Mortgage lender: James Forte Property type: Single- family in Brookfield

Purchase price: $ 342,000 Borrowing amount: $ 307,800 Loan type: 5/ 1 ARM

Rate: 8 percent

Background: The borrower owned his own construction company. The borrower had a less than average credit with a score of 650 coming in the door and did not show a lot on the tax returns for income. He had been turned down by his local bank and another non- bank mortgage lender and he thought all hope had been lost until he contact Forte.

The borrower called Forte with very low expectations and was very nervous about getting this done. Forte first looked at the borrower’s credit and make a suggestion on paying down a credit card, which would increase the score. The borrower followed Forte’s instructions and Forte had a 680 score for the buyer in literally two business days, which would help a lot with the loan terms.

Forte advised him that he could use an alternative method of documenting income by getting the past two years of business tax returns. With that, Forte was able to add up the deposits and per the P& L subtract out a certain percentage of the deposits for ex- penses and use the difference for income.

With that and getting the credit scores up, the deal was able to work! The biggest part here is also that the borrower had to close start to finish in less than 30 days. Forte put rushes everywhere he needed to and got it done and closed on time!