Welcome back to the Close More Deals podcast. I'm your host, Scott Dillingham. Today, I have two programs that go hand in hand that I'm gonna be discussing with you today to help you to close more deals. So they're stated income programs. We have one program that requires a 10% down payment program and essentially what we do is we can work with an insurer, so we can work with CMHC, Sage and Genworth and what we do is we submit the application to them and we state the client's income, it has to make sense though, so for an example, we had one of these approved very recently, was a truck driver, he showed about 13,000 on his like notice of assessment.
Scott Dillingham:So that's what he claimed. We were able to get them to use 70,000 because $70 for a truck driver to make was reasonable. So they move forward and we helped the client purchase a home where his bank had said, nope, you only make 13 k, we can't help you. So the program is within reason and they use tools like Glassdoor. A Glassdoor will tell you what the potential range of income is for a certain career based on location as well because that does have an impact.
Scott Dillingham:I think that's a great guiding point because it does show a range that makes sense. So that's program one is if your borrower has 10% down, we could potentially do that depending on what it is that they do. The second program, your borrower has to have 20% down or more, but with that, we're then using the bank statement program. So now what we're looking at is not necessarily what they file with CRA. We all know lots of people get paid cash and sometimes it may not show up on their tax return, but with the bank statement program, what it does is it allows the clients to provide their statements and we look at all their deposits.
Scott Dillingham:So we kind of add that up and they do subtract what appears to be business expenses. So again, let's go back to the truck driver example, but let's say you supply twelve months bank statements, they're gonna subtract your fuel expenses, right? They're gonna tell like that corresponds with your business, so you have to pay that. What's left, the net that's left, they'll let us use as income, which is fantastic, And then that could potentially help us to qualify your client again for money when they wouldn't be able to. Now the B lending stated income program, there's fees attached to that, right?
Scott Dillingham:It's a B lender, slightly higher rates, where the 10% down program that's insured, so you're getting best rates in the market. So those two programs I use all the time and I hope that now that you know about them, you can use them too, to help yourself to close more deals. So if this podcast was helpful and useful, please check the show notes below, we have more resources for you and would love to work with you and your clients. Thank you so much.