From Bankruptcy to Funded
- Price: $558,851
- Property Type: Residential
- Beds: 4
- Baths: 3
Property Description
The Challenge The Solution We qualified the buyer using bank statement income, documented the established self-employed business, and confirmed income continuity after the relocation. Gifted funds were properly sourced and documented. The loan was approved and funded, allowing the buyer to complete the purchase.
The buyer had a bankruptcy three years ago, a credit score below 680, and did not show qualifying income on tax returns. The home was located in a remote town of about 700 people, which raised concerns about income stability after relocating from Los Angeles. The down payment was also coming from gifted funds from relatives. Traditional financing wasn’t an option due to credit history, lack of usable tax return income, and the rural location. Underwriting also questioned whether the buyer’s self-employed income would continue after the move.
Property Details
| Price: $558,851 |
| City: Kernville |
| State: CA |
| Zip Code: 93238 |
| Beds: 4 |
| Baths: 3 |
