Bank Statement Programs

Bank Statement Programs

What is a bank statement loans? Bank Statement Loans are loans that are based on and borrowers bank statements and not their tax returns.   These loans are great for borrowers that may not qualify for regular financing due to debt to income restrictions.   These work particularly well for small business owners that have quite a few tax write offs.  Take for instance a person that has only been on the job for 1 year but say earns $120,000 in income.   Normal guideline would want to see them on . the job with stable employment for 2 years.   If we can show that that amount has deposited into the persons account for the last 12 months we can take that amount divide it by 12 and that is the figure we use to determine the ability to repay.   In the example above the income figure would be $120,000, even though they don’t have two years continuance of the income.  These are amazing loans for people that don’t fit into conventional or FHA loan guidelines.

 

Bank Statement Loans Program Highlights

  • 12 and 24 Month Bank Statement Programs (Personal Or Business Accounts)
  • No Tax Returns
  • W2, Retirement, Rental, And Asset Amortization Can Be Used.
  • Low Taxable Income Due To Tax Write Offs
  • Most Property Types Accepted Gift Funds Allowed
  • Loan To Values to 90% without Mortgage Insurance
  • Debt To Income To 55%
  • Competitive Rates
  • Use 100% Of Asserts For Reserves
  • Fast Turn Times
  • Credit Scores Down to 600
  • Rates Starting In Low 5’s
  • Owner Occupied, 2nd Homes and Investments
  • Non-Warrantable condos
  • Jumbos Loans Down To 600 Fico

Does Traditional Mortgage Loans Not Work For Your Scenario?

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