Bank Statement

When it comes to obtaining a mortgage in New Jersey, self-employed borrowers may face challenges. This is often due to the fact that their tax returns may not accurately represent their true income or earning potential. However, our Bank Statement loan program specifically caters to these individuals by allowing them to qualify using bank statements instead of the usual income documentation. This option is ideal for those looking to buy a new home or refinance an existing one in New Jersey.

Mortgages specifically designed for self-employed borrowers in New Jersey

• Loan amounts range from $100,000 to $3 million
• Cash-out up to $500,000 when LTV is greater than 65% or unlimited if LTV is less than or equal to 65%
• Various loan options available, including 30-year fixed, 30-year fixed interest-only, 40-year fixed interest-only, 7/6 ARM, 7/6 ARM interest-only, and 7/6 40-year ARM interest-only
• Minimum FICO score of 660 accepted
• Maximum 90% LTV for purchases only with a minimum score of 720, no need for mortgage insurance
• Debt-to-income ratio up to 50%
• Mortgage history of 0x30 in the last 12 months
• Available for primary and secondary homes, as well as investment properties
• Pricing is enhanced for most cases with an LTV of less than 80%

As a self-employed person, you are faced with fewer options for financing a loan. Our bank statement loan program is the answer. In order to qualify for a bank statement loan one must be self-employed, that is a requirement, it is not meant for those who are not employed or are not self-employed, we offer other programs such as the NO Doc mortgage program for those types of individuals.

Contact our office to see if a bank statement loan is something that you can qualify for.