Thousand Oaks Mortgage Broker

A large share of your pay arrives as a bonus, stock or a deferred plan, and the first bank you ask counts very little of it. Lenders read that kind of pay by their own rules. One averages your bonus over a set period, another ignores stock you already own, and a third accepts a plan document as proof. We find the lender whose rules match yours before you apply. Tell us what is in your pay package.

If your pay includes a bonus or stock

Many lenders want a history of bonus pay before they count it, so a first full bonus may not help yet. Some discount stock you already own to zero, even when you can sell it tomorrow. Others count the shares you received over the past year. Which lender you meet changes your approved amount, sometimes by a lot.

If you hold a deferred compensation plan

Payouts from a non qualified deferred plan can count as income. The lender wants the plan agreement, a payout schedule and proof the money arrived. Many banks have no template for that. Lenders that write non QM loans, which sit outside the standard agency rules, often handle it routinely, so we start with them.

If you are buying horse property

You want a place with stables or an arena, and a regular appraiser may not value them. A general appraiser can leave the improvements out and return a low number. That shrinks your loan before you have seen a rate. We choose lenders whose appraisal desks have worked on horse property in this part of Ventura County.

What most buyers here end up using

Jumbo loans do most of the work, because most homes here sit above the conforming limit the Federal Housing Finance Agency sets each year. A bank statement loan suits business owners, and a DSCR loan, which qualifies a rental on its own rent, suits investors.