Purchase
As a leader in the bank statement mortgage market, we cater to the self-employed borrower. These types of borrowers have a difficult time qualifying for a mortgage loan using the traditional income verification process. We have solutions for these self-employed borrowers. One of the requirements to qualify for a bank statement mortgage is to be self-employed for at least 24 months. Even if we do offer a 3-month bank statement program still the borrower needs to show proof of 24 months of self-employment.
If you are in the market to purchase a property here is what is needed to get you financing.
- 10% down payment is required with a minimum score of 660
- We offer loans ranging from $100,000 to $5,000,000.
- For business or personal bank statements, we require a minimum of 12 or 24 months.
- If you have experienced foreclosure, short sale, bankruptcy, or deed-in-lieu, we require a seasoning period of two years.
- If you are self-employed, we require a minimum of two years of self-employment.
- For business bank statements, you can own as little as 50% of the business, and for personal bank statements, you can own as little as 25%.
- Our loans are available for owner-occupied properties, second homes, and non-owner-occupied properties.
- We also offer a 30-year fixed loan with a 10-year interest-only option.
- Most loans will be qualified based on an expense factor of 50%. However, companies with a lower expense factor will require a statement from a third-party CPA or tax preparer. Some industries with traditionally higher expense factors will be underwritten with a 70% expense factor.
- We allow non-warrantable condos.
We offer a quick and easy way to calculate income using bank statements. All you have to do is send us the bank statements and we’ll average the deposits over a 12 or 24-month period, the calculations are done within 24 hours, which means that within a day we can give you the monthly income that we can use for qualifications and a max of 50% DTI is in effect.
Contact us about how you can qualify for a purchase transaction using bank statements to qualify.
