Angel Oak’s Bank Statement program provides a great loan solution to help underserved, credit-worthy, self-employed borrowers who otherwise would not qualify for a home loan. No tax returns or W-2 forms required! 40-year fixed interest only, cash-out and 1099 options available. Check out these 3 tips that help you get even more out of this powerful non-QM program.
For more information, email [email protected] or visit us at www.Angeloakms.com.
Speaker1: [00:00:00] Hi, I'm Steven Whittaker, chief marketing officer here at Angel Oak. We put together the short video to explain how our bank statement loans can provide powerful solutions for your self-employed borrowers. We will show you three great tips on how to get the most out of this popular non-Cuban program. And be sure to watch to the end to see how you can instantly price out your scenarios. Thanks for watching.
Speaker2: [00:00:25] First question came in, can you talk about the interest only because he's self-employed borrowers is really our cash flow sensitive, right? So talk about how the 40 year fixed interest only works.
Speaker3: [00:00:36] So essentially, it's really just an add on. It's the 30 year fixed is in place, the rate stays in place. You know, you're not having to change anything after an interest only period is over, but it's a 10 year out onto the front end of a 30 year fixed. You get a quarter point hit to your rate overall. So if you've got a five percent interest rate as an example, on a normal 30 year, you would get a five and a quarter rate to have the interest only option added to it. But you get a full 10 years of the interest only payments, and they can stop making those payments interest only. Good night time you that 10 year period if they want to, simply by letting the company know whenever they want to do that. But they get up to 10 years of interest only payments. If you think about from a cash flow standpoint, if you're looking at, you know, building your business or if you're wanting to buy an investment property and you want to, you want to maximize your cash flow in that period of time up to 10 years so that you have more money to work with for whatever you need to use the money for. It's a fantastic option.
Speaker2: [00:01:34] Can you talk about delayed financing in today's marketplace? A little bit?
Speaker3: [00:01:38] Yeah, that's really interesting because if you have a borrower, let's say they're an investor and this is usually where this comes into play. You have a buyer or even, I guess it could be anybody in this hot marketplace right now because houses are flying off the market. If they have cash available and they want to buy a house right now that they can't get their hands on otherwise, if they don't put an offer in today, they have the money to do so. They can go ahead and pay cash for that property and then sometime it from day one after they closed up to six months. After that point, they can actually refinance that house with us, get rate and term refinance rates for purchase rates as it were. But get all that cash back up to 80 percent of the loan to value so they can, assuming they qualify for an 80 percent loan to value in their credit score and all that so they can literally get put their money into the into the deal, buy the property and then get that money back shortly thereafter and have secured the property that they want to actually get a of.
Speaker3: [00:02:42] And again, today, because of the way the market is not fast moving, that's a very powerful tool. I get this question all the time is we don't do bank statement loans because it's too much work. Well, we've taken all the work out of it, and I know in the past that was the case. You don't have to do any work. All you have to do is collect the bank statements from your borrower in a PDF format, and we're going to show you in a little bit on our website how you load it up. It's literally if you take it off your desktop drag and drop it into our website and it comes right to us. That's all you do. We do all the work. We have an entire team twenty four hours a day, seven days a week to do nothing more than take your bank statements and calculate the income. And that's the income you use for your prequel like Gigi said. And you're done. You don't have to worry about that anymore after that point. Let's do a loan amount of one point two million.
Speaker2: [00:03:35] Oh, you're bragging again out there in California.
Speaker3: [00:03:39] This is to a
Speaker4: [00:03:40] 740 FICO Score.
Speaker3: [00:03:45] For the loan to value of seventy five. And let's go with a purchase one unit.
Speaker2: [00:03:53] Let's go with twenty four months business bank statements owner occupied. So this is great stuff, so this tool, you know, Kevin JGI that are available all times a day, but this is twenty four seven, you don't need any login credentials to get this. This is open to you all the time. So GGG scenario was bank statements LTV. Seventy five percent. What it's telling you here, if you wanted to, this borrower could qualify for a 90 percent. And here's a PA rate of four point twenty five. That's a 30 year fixed. That is a par rate so dependent upon. I had a lot of questions talking about is everything we do borrower pay? No, not everything we do. As borrower repaid, we're seeing a lot more people go borrower pay, but we also do lender paid compensation so you can price into your into the rate your compensation. Please give us a try. I'm promise you, we will make you look like a superstar. So without anything else. Thank you, everyone. Have a great afternoon and thank you for joining us.
