If your bank statements say you can cover it, but your tax returns say otherwise, we have a solution for you.
Common sense lending is back and we can now qualify self-employed individuals with the average monthly deposits in business and/or personal bank accounts to demonstrate your ability to afford timely mortgage payments.
Bank Statement home loan highlights
Buy or refiance (cash-out)
Loans up to 90% of your home's value with NO PMI
Jumbo loans - up to $3 million
Easier qualifying with up to 50% debt-to-income ratios
No pre-payment and no reserves required
Bank Statement home loan credit requirements
Credit scores as low as 620 allowed.
Bankruptcy, foreclosure, short sale, and deed-in-lieu all require 2 year elapsed from credit event.
Bank Statement home loan benefits
Rates starting in the low 5's
Bank statements used to qualify. 12 months business or personal bank statements are used for income qualifications.
Bank Statement home loan terms
5/1 & 7/1 ARM – 5 and 7 Year fixed period followed by adjustable rate period. 30 year fully amortized.
A 30 year fixed rate - with Interest Only options up to 10 years.
Bank Statement home loan property types
Single Family Residence, Condo, Townhome, 2-4 Units.