BANK STATEMENT ONLY MORTGAGE LENDERS
- Are you Self Employed?
- Do you write off all your income?
- Want to qualify for a higher loan amount?
IF YOU ANSWER YES!
THEN OUR BANK STATEMENT ONLY MORTGAGE PROGRAM IS FOR YOU!
KEY POINTS TO THE BANK STATEMENT ONLY MORTGAGE PROGRAM
- Business or Personal Statements to 85% LTV!!! or Loan To Value
- 100% of Deposits for Personal Statements- OK! or
- 100% of Deposits for Business Statements- OK!!
- Don’t look at Withdrawals!
- Don’t look at Overdrafts!
- Not Audited P&L required!
- No Reserves Required!
UP To 85% LTV – after Foreclosure, Short Sale or BK
Bank Statement Only Loan Approvals Up to $3,000,000 Loan Amounts
BANK STATEMENT ONLY FHA MORTGAGE LENDERS REQUIREMENTS
- 1.Min 500 FICO!
- 24 Months of Statements
- Owner Occ. w/ 600 Fico, Non Owner & 2nd Homes w/500 Fico
- Self Employed and 1099 borrowers only
- Only 6 NSF’s in most recent 12 months
24 Months Bank Statement Only Mortgage Lenders For ALL Employment Types:
- Self Employed
o Must provide business license, Tax Preparer’s NOT Audited letter or corporate paperwork.
FHA Mortgage Lenders will accept Personal or Business Bank Statements. However, qualifying income will be calculated differently.
Personal Bank Statements: 100% of Deposits- Add all deposits for all 24 months and divide that amount by 24 to receive the monthly income amount we will apply as the borrower’s qualifying income.
Ex. 24 months deposits total = $200,000 / 24 = $8,333 a month income.
Business Bank Statements: 50% of Deposits- Add all deposits for all 24 months, divide by 2, and then divide by 24 to receive the monthly income amount we will give to the borrower.
Ex. 24 month deposit total = $500,000 / 2 = $250,000 / 24 = $10,333 a month income. * Only 50% is used because we have to assume the business has overhead.
Details of Bank Statement Only Lenders Program:
Personal & Business Guidelines
- Only deposits can be used Transfers are NOT counted on personal and case-by-case for business*
- Must have 24 consecutive months of statements (no gaps)
- Must provide All pages (even the last pages with advertising)
- Can not commingle (use two different accounts) statements**
- If account was used and closed and new account for remainder of statements must show closing of old account and opening of new account bank Transfers may be accepted for business statements when they come from credit card clearing houses (examples: Paypal, Square, AMEX, etcetera). Case-by-Case and must be considered normal for the company.
Bank Statement Only Lenders Allow Multiple bank accounts are considered on a case-by-case when (a) one account is closing and reopening new account, or (b) for Business accounts that are two different and autonomous businesses are OK!