Bank Statement Loans:

With bank statement loans, the lender uses bank statements to assess the borrower’s income instead of using a W-2 or other standard documentation.  These loans are for self-employed borrowers who typically have substantial tax write-offs that make it challenging to get a standard loan.

How Do Bank Statement Loans Work and Who Do They Benefit The Most:

Rather than using your “Adjusted Gross Income” from your tax returns, we will use your bank statements (either Personal or Business) and simply average the deposits over a period of time. Bank statements may be used as an alternative to tax returns to document a self-employed borrower’s income. Besides, personal and/or business bank statements are all allowed. This program benefits borrowers who are self-employed and would benefit from alternative loan qualification methods.

How To Qualify For A Bank Statement Loan:

At least one of the borrowers must be self-employed for at least 2 years (25% or greater ownership) to qualify for this program.

Bank Statement Loan Requirements:

24 Month Loan

·       Up to 90% Max Loan to Value (LTV)

·       Self-Employed and 1099 Borrowers

·       660 or greater credit scores

·       No reserves required at 75% or less LTV

·       No 4506T / No K1’s / No P&L

·       No Mortgage Insurance (MI.

·       Continue to Increase your volume each year regardless of fluctuating interest rates, and a slowing refinance market

12 Month Loan

·       Up to 85% LTV

·       600 Min FICO

·       Self-Employed and 1099 Borrowers

·       No reserves required at 75% or less LTV

·       No MI

·       No 4506T / No K1’s / No P&L’s

6 Month Loan

·       660 or greater credit score

·       90% LTV

3 Month Loan

·       Up to $3M Loan Amounts

·       75% Max LTV Purchases

·       70% Max LTV Refinance

·       Self-Employed Borrowers Only

·       675 or greater credit scores

·       Owner Occupied Only

·       First Time Home Buyers considered at lower LTV

·       Transfers can be used for qualifying income

Bank Statement Loan Benefits:

·       No W-2 or W-4 is required

·       Applicants can still claim tax write-offs without missing out on mortgage eligibility

·       No income tax return is required