Truss Financial Group is a leading mortgage company that specializes in catering to the unique needs of self-employed individuals and real estate investors. With their expertise in various mortgage programs, the company aims to provide financing options to those who face challenges due to limited income documentation. Truss Financial is transforming traditional industry practices with their tailored approach to Home Equity Line of Credit (HELOC). Their forward-thinking strategies are reshaping mortgage possibilities for self-employed borrowers.
The Challenge Faced by Self-Employed Borrowers
Traditional banks often shy away from providing mortgage financing to individuals who rely on 1099s and/or K1s rather than W2s as their primary source of income. This limitation poses a significant hurdle for self-employed individuals and real estate investors who show limited income on their tax returns. Recognizing this issue, Truss Financial Group steps in to address the financing needs of this underserved market.
The Evolution of Home Equity Line of Credit (HELOC)
Traditionally, homeowners facing credit card debt would opt for a cash-out refinance, utilizing the equity in their homes to pay off high-interest debt with a lower mortgage rate. However, with the majority of homeowners refinancing during the pandemic, when interest rates were at historic lows, this strategy has become less viable. Consequently, homeowners are now seeking alternative solutions to retain their low-interest first mortgage rates while obtaining a HELOC.
Introducing Truss Financial Group’s No Tax Return HELOC
Recognizing the increasing demand for HELOCs among self-employed borrowers, Truss Financial Group proudly offers a groundbreaking solution—a No Tax Return HELOC. Instead of relying solely on tax return documentation, Truss Financial Group reviews the borrower’s bank statement deposit history over the last three months to evaluate their ability to make payments on the new HELOC. This approach bypasses the limitations posed by excessive write-offs and insufficient income shown on tax returns, and HELOC doesn’t require an appraisal.
Streamlined Process and Quick Closing
Truss Financial Group understands the urgency of their clients’ financial needs. With their efficient systems and expertise, they can close the new no tax return HELOC in as little as 5 days. To qualify, borrowers must have good credit and must not be behind on any debts, ensuring a seamless and hassle-free process.
Truss Financial Group: A Pioneer in Non-Qualified Mortgages
At the helm of Truss Financial Group is CEO Jeff Miller, a self-made entrepreneur who has experienced firsthand the difficulties of obtaining mortgage financing as a self-employed individual. With over 25 years of experience in the mortgage industry, Jeff Miller established Truss Financial Group as one of the few mortgage companies specializing in “non-qualified mortgages” (NonQM). In the wake of the 2008 financial crisis, mortgage companies have been subjected to higher underwriting standards, making stated income mortgages less prevalent. However, Truss Financial Group has built relationships with smaller lenders, offering self-employed borrowers alternative financing options.
The Rise of Truss Financial Group
Despite the challenges faced by the mortgage industry, Truss Financial Group has consistently been recognized among the top 20 best NonQM lenders year after year. When interest rates rose in 2022, many competitors faltered, but Truss Financial Group invested heavily in technology and marketing, positioning themselves for continued growth. Their commitment to innovation and meeting the evolving needs of their clients has allowed them to thrive even in a changing market landscape.
Call To Action
Truss Financial Group has established itself as a leading mortgage company, specializing in mortgages for self-employed individuals and real estate investors. Their expertise in non-qualified mortgages and commitment to innovation have allowed them to cater to the unique needs of their clients. With the introduction of the No Tax Return HELOC, Truss Financial Group provides a game-changing solution for self-employed borrowers seeking flexible financing options. As they continue to grow and adapt to the changing landscape of the mortgage industry, Truss Financial Group remains a reliable partner for those in search of mortgage financing, despite having limited income documentation.
To learn more about Truss Financial Group, please visit their website.
