🏡 Real Closed File Review – Franklin Square, NY

Helping Self-Employed Buyers Achieve Homeownership in Nassau County

Today’s file review is a perfect example of how flexible lending options can open doors for business owners who don’t fit traditional mortgage guidelines. This Franklin Square home purchase showcases how a Non-QM 24-Month Bank Statement Loan can make homeownership possible without W2s or tax returns.

📍 Property & Loan Snapshot

Location: Franklin Square, NY (Nassau County)

Purchase Price: $710,000

Down payment: 30% ($213,000)

Loan Type: Non-QM – 24 Month Bank Statements

Borrowers: 1Credit Score: 715Employment: Business Owner

Household Income: $135,725

Monthly Liabilities: $3,479

💰 Payment Breakdown

• Property Taxes: $9,730 / year

• Homeowners Insurance: $1,389 / year

• Interest Rate: 6.25%

• Principal & Interest: $3,060.11 / month

• Escrow (Taxes + Insurance): $926 / month

✅ Total Monthly Payment: $3,986.11

Closing Costs: $29,052 (approx. 4.09% of the purchase price)

🔍 Why This Deal Matters

This borrower is a self-employed business owner with strong revenue but uneven tax documentation something many entrepreneurs can relate to.

By using a 24-month bank statement loan, we were able to qualify them based on actual business cash flow rather than taxable income.

This approach is ideal for:

✔️ Business owners

✔️ Gig workers

✔️ Independent contractors

✔️ Anyone who writes off significant expenses

Non-QM programs like this allow qualified buyers to secure beautiful homes across Long Island without the roadblocks of traditional lending.

🌟 Helping Nassau County Buyers Succeed

Franklin Square continues to be a desirable Long Island community with excellent schools, parks, and convenient access to NYC. With the right financing strategy, more self-employed families can take advantage of opportunities in this competitive market.

If you’re a business owner wondering whether you can qualify for a mortgage yes, you can. And we’re here to guide you.

🏡 Your Local Guide to Homeownership

LJ Mortgage Team Inc.

127-03 Rockaway Blvd South Ozone Park, NY 11420

(516) 218-1297

NMLS# 2120286

Purchase & Refinance | Non-QM | First-Time Buyers

LJ – Your Local Guide to Homeownership!

LJ Realty Team: Buy – Sell – Rent

Equal Housing Opportunity

LJ Mortgage Team Inc. NMLS# 2120286

NYS Registered Mortgage Broker, NYS Dept. of Financial Services.

Broker arranges mortgage loans with third-party providers.

Mortgage Broker only, not a mortgage lender or correspondent lender.

Licensed by the NJ Department of Banking and Insurance.

We do not make mortgage commitments or fund mortgage loans.

NMLS Consumer Access: www.nmlsconsumeraccess.org

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