Bank Statement Mortgage in Arizona: Simple Steps to Get Approved

Do you live in Arizona and are self-employed, a freelancer, or a small business owner and are willing to purchase a home-but you keep striking walls with traditional lenders? You’re not alone. Other working people are too diligent to afford a traditional mortgage due to an inability to show their tax returns as a true reflection of their income potential.

That is where the Mortgage Universe comes in. Lenders take a look at your real bank deposits to establish your eligibility instead of taking your W-2s or years of tax filing. It is a more intelligent, more adaptable method of qualifying–particularly when you desire your actual income to convey your tale.

This step by step guide will show you how you can get approved.

Step 1: Learn to know the working of a Bank statement mortgage.

A bank statement mortgage tries to use the last 12 to 24 months of your bank deposits to determine income. A personal and business account is possible in each case, depending on your circumstances.

This program would suit you well when you are:

● Self-employed and had variable income every month.

● An entrepreneur who continues to invest in development. 

● A subcontractor, freelancer, or 1099 earner. 

● An individual who has good cash flow with weak tax evidence.

Step 2: Review the Minimal requirements.

To apply, you must have the following standard requirements:

● Bank statements: 12 months- sometimes 24 months. 

● Credit score: A good score gives you better conditions.

● Down payment: Usually 10–20%. 

● Assets: Evidence of security reserves.

All lenders have a slightly different set of criteria but these are the base points.

Step 3: assemble your bank statements.

Good preparation eases the process of approval. Prepare your bank statements in a logical order and be able to clarify:

● Regular deposit patterns 

● Revenues (customers, orders, sales, etc.) 

● Business cost should be used.

Tips: Definitely do not have huge unexplained deposits, lenders like having consistency.

Step 4: Get Pre-Qualified

Pre-qualification also helps you to know how much home you have a chance to afford. This is the period where a mortgage broker will look at your bank statements and credit history and give you an estimate of your borrowing power.

In the competitive real estate business of Arizona, pre-qualification provides you with an upper hand in placing an offer.

Step 5: Find a Mortgage Broker that is familiar with Arizona.

This is not a program all lenders provide and therefore you need to get in touch with a broker that specializes in bank statement mortgages in Arizona.

The right broker will:

● Connect you to lenders that know self-employed borrowers. 

● Look good on paper. 

● Assist you in comparing the loans.

This is what we do at The Mortgage Universe. Our team ensures that you are not wasting time hunting lenders that do not fit the profile.

Step 6: Underwrite.

After receiving your application underwriting starts. The underwriter concentrates on instead of trawling through tax returns: 

● Your uniformity of deposits. 

● Your credit reliability 

● The value of property you are purchasing.

Due to the ease of paperwork, this process can be completed much faster than conventional mortgages.

Step 7: Move into your home and close the door.

Once you are approved, you will sign the paperwork, go through final terms, and ultimately close on your Arizona home. It can be a house in Phoenix, property around Flagstaff, whatever you make in real-life, you will have qualified–Not what tax form says.

Why The Mortgage Universe?

There are a large number of lenders providing mortgage programs, but not all are designed with self-employed borrowers in mind. We are Mortgage Universe, and the bank statement mortgage in Arizona is one of our special programs aimed at professional people nowadays.

What makes us different:

● Clear step by step procedure.

● Virtually 24/7 access to respond to questions. 

● Availability of a great array of loan facilities.

● Helping freelancers, contractors and entrepreneurs succeed.

Final Thoughts

A bank statement mortgage is not hard to be approved when you are aware of the steps to be followed in Arizona. You can have a home without the tax paperwork headache with structured bank statements, good financial profile, and the right broker on your side.

Are You Ready to Explore Your Options?

Not to be confined by conventional lending. Call the Mortgage Universe to find out whether a bank statement mortgage in Arizona is the best route to take.