a niche mortgage product!!  hmmm.... when I was actively listing subdivisions, I had a product from a local bank .... this product was held in-house....they locked in a rate for up to 9 months!!!  that allowed all parties to sleep at night!

  Tell us more, John.  Link to a blog post, or website?  TIA

Not that I can recall John Meussner 

You bet it has. I hear there are some very creative ones coming about again. I would love to know about them.

I'm starting to get familiar with them as I've been looking at using one if I could just find something at the right price point.

Loans for manufactured home (Class C) doublewide with block founfdation and the title retired is a niche that we a lot of. We're aproved with a couple of lenders that offer the bank statement program but haven't closed one yet. 

Are the rates you can get with your lenders on the bank statement program attractive to your borrowers? 

No, but I have had the opposite happen ... approvals and assumptions made that in the end caused the transaction to die. 

No but, I may be phoning you in the next week or so about a buyer who is likely going to need one! Thanks for the heads-up that there may be hope if this deal falls apart due to condo ratios.

It is good to know what the options are, nice that you knew how to save the deal John.

Cash saved one, when the seller would not let my buyer's appraiser in to appraise the home.

Not that I can remember...

Yes it has saved the day. I think too that it's just the way the LO learns to handle themselves. What seems easy to one is not comprehended by another.

That niche is small but necessary these days. Years ago Prudential Mortgage, when they where in business, had a quick approval, no verification loan that had few defaults. It worked well for the self-employed and those people who had cash income. 

John,

I look forward to reading your post on the subject.  A

I have not had the need for this product in a long time, John. But will now be putting my lenders' feet to the fire if I ever do.

Many times.

Several years ago a buyer called and wanted to get out of their rental, but they had a short sale from a previous home.  They used a reverse mortgage purchase, and they were able to own again.

John Meussner - I do not recollect any such mortgage for my clients.

the loan you described is great for the self employed borrower.   We all know that an accountant will help maximize deductions therefore showing little income.   I think that a bank statement loan is a great way to save the day.  Just because you are self employed shouldn't exclude you from getting a loan.    I have used this loan before to save one of my self employed, taking him from a $1200 monthly PITI payment and a $800 HELOC payment combining the loans into a nice lower monthly payment, saving them hundreds.   Best pool guy in the area,  he has helped me, glad I could help him.  

No

Yes!

Yes, and good job.

Yes, I'm currently working with a buyer who is getting a loan from a private lender. 

Exotic lender for class D borrower can be a lifesaver. Or seller financing. Have had to call the financing bullpen to put one relief pitcher on the mound to get to the real estate closing on time (or at all) John Meussner !

Yes:)

with the amount of crazy in my market... oh yes.  Friday we close on a manufactured home on a lease lot.  so OH YES.

John Meussner Yes, a mortgage friend helped my Son and his Wife get a get a fantastic loan.

Not that I can remenber

There are so many players for this product.  But there are few with fewer restrictions otherwise this product is not that easy to use.. 

Not familiar with the product, so it has not performed any miracles for me as yet.