Are You Unable to Open a Checking Account?
I have good news and bad news…
If you are unable to open a checking or savings account because you are on CHEX SYSTEMS (a system the banks use to deny you an account due to excessive non-sufficient funds, fraud or check kiting), you might be out of luck.
But you have options! You may have to use a co-signer on your loan in order to show enough assets to qualify. In the past, there were many programs designed for those who could not show assets the traditional way. There were stated income loans, stated asset loans, no documentation loans, no ratio loans and more. For now, however, such programs are unobtainable.
As the market relaxes and guidelines are loosened, those programs will probably be made available again. They may have tighter restrictions than in the past, but they will most likely make their way back in to the system, which would be especially helpful to the self-employed borrower. Do you have a copy of my book, Makers and Breakers? If so, please see the Self-employment Section. If you don’t own a copy, call me today for a free copy! Ask for Jeff 661-964-1320 .
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