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Published on 23, Mar 2023

Truss Financial Group Announces TFG Rate Guarantee Program

Ladera Ranch, CA - California-based mortgage company Truss Financial Group has released details about its exclusive TFG Rate Guarantee Program, which will launch in 2024. 

Due to the current trend of rising interest rates, many potential buyers are hesitant to make a purchase and are waiting for rates to go down, leading to a decrease in demand and a drop in home prices. To assist clients in this situation, Truss Financial Group (TFG) has introduced the TFG Rate Guarantee program. This program allows potential buyers to take advantage of current declining prices by offering a free refinance opportunity in 2024. This way, potential homeowners can purchase now and take advantage of lower rates in the future. The program is targeted at self-employed individuals and real estate investors seeking bank statement loans.

TFG specializes in "non-qualified mortgages'' (NonQM), aka self-employed mortgages, which offer flexibility in terms of income and credit requirements, allowing self-employed and real estate investors to secure financing even if they don't meet the specific underwriting standards set by banks and conventional lenders. The refinancing offer for 2024 was designed by the TFG team as parts of its desire to utilize innovative solutions to help clients, and will be available to individuals who do not meet the traditional requirements set by banks.

CEO Jeff Miller says that he and his team created the TFG Rate Guarantee program with self-employed individuals in mind. “For traditional mortgages, these potential buyers must provide tax returns and financial statements to prove their income and stability,” Miller says. “This can be challenging for those who have a fluctuating income or have a lot of write-offs, as it may not accurately reflect their ability to repay the loan.”

He adds that it can be harder for an entrepreneur to obtain a mortgage compared to someone who has a traditional W2 job because they may not have a consistent or verifiable income. “Banks and traditional mortgage lenders use tax returns and financial statements to verify a borrower's income and stability, which can be a challenge for self-employed individuals who have a fluctuating income or have a lot of write-offs,” Miller says. “As we have received more self-employed clients at TFG, we realized that rising interest rates were deterring more and more of our clients from real estate purchases, and we sought to create a program to combat that.”

He says that the TFG Rate Guarantee program takes into account the fact that the firm’s self-employed clients often have a higher debt-to-income (DTI) ratio. “Since DTI is used by traditional lenders to determine a borrower's ability to repay the loan based on their monthly income and monthly debt obligations, a self-employed borrower with a high DTI may struggle to qualify for a mortgage,” Miller says. “On paper, a higher DTI makes it look like they have too much debt relative to their income. This isn’t always the case.”

Miller shares that the firm’s new program will allow for the fact that many of its clients who are self-employed have complex financial situations with multiple sources of income and expenses, which can make it difficult for lenders to accurately assess their financial stability and ability to repay the loan. “Our program will be open to these individuals,” Miller affirms. “We get many clients whose complex income situations have made it harder for them to get approved for mortgages than those with traditional W2 jobs.”

He adds that qualifying individuals are welcome to contact the firm to initiate the application process now.

Truss Financial Group is a mortgage company that specializes in providing financing solutions for self-employed individuals and real estate investors who may not meet the traditional underwriting standards set by banks and other conventional lenders. The company offers various types of non-qualified mortgage programs, such as stated income mortgages, bank statement mortgages, Debt Service Coverage Ratio (DSCR) mortgages, hard money mortgages, and fix & flip mortgages, which are designed specifically for self-employed and real estate investors. Truss Financial Group was founded in 2006 and is based in Ladera Ranch, California.

Website: https://trussfinancialgroup.com/ 

Contact: Jason Nichols at hello@trussfinancialgroup.com 

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