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Arkansas NO Tax Return Bank Statement Mortgage Lenders

Arkansas NO Tax Return Bank Statement Mortgage Lenders
Bank Statement Self Employed Arkansas Mortgage Lenders

When determining the appropriate qualifying income for a self-employed borrower, it is important to note that business income reported on an individual IRS Form 1040 Tax Return may not necessarily represent income that has actually been distributed to the borrower. No Tax return bank statement Arkansas mortgage lenders use bank statements along with a questionnaire to determine the amount of income that can be relied on by the borrower in qualifying for their personal mortgage obligation. When underwriting these borrowers, it is important to review business income distributions on the bank statements to determine the viability of the underlying business. This analysis includes assessing the stability of business income and the ability of the business to continue to generate sufficient income to enable self-employed mortgage applicants to meet their monthly payment obligations.

Allowable Properties Include:

  • Single-family homes /Townhomes / Villas
  • Condos / Condominiums
  • Condotels
  • Multifamily Up To 8 Units

No Tax Return Mortgage Lenders Options

    • Use Personal Bank Statements: You can qualify using 12 or 24 months bank statements and use Up To 100 percent of deposits if they came from a Business Bank Account.
    • Use Business Bank Statements: You can qualify with 12 or 24 months of bank statements and count up to 90% percent of the deposits. A self-employment questionnaire is usually required to determine your income. For example, if you are a 1099 realtor with no money for rent, or cost you can use up to 90% of your income to qualify. 
    • Use 1099s For Income: Some lenders will allow 2 years of 1099s and 2 months of recent bank statements along with a bank statement questionnaire to understand your expenses.
    • Use Lease Agreements: As long as the lease agreements are enough to cover the mortgage payments lenders will lend up to 80% loan to value with no income verification needed.

Who Qualifies For A Bank Statement Mortgage?

Our bank statement mortgage lenders provide funding for business owners throughout Arkansas. You must have a good payment history and good deposits but don’t have traditional income and wouldn’t qualify for standard bank loan financing. To qualify for our No Tax return bank statement mortgage you’ll need the following:

  • Minimum of 1-year same line of work 2+ years.
  • Minimum 550 middle credit score.
  • Minimum 10% down payment+ Closing Cost + Reserves. reserves are defined as the total mortgage payment PITI in your account after closing.
  • Minimum 3-6 Months Reserves.
  • Minimum 12 months since any housing events ( Foreclosure, Bankruptcy Discharge, Short Sale )
  • Maximum DTI 55% Bank statement only mortgage lenders will allow the self-employed to qualify up to 55% of their total income for housing and all other monthly payments on their credit report.

Like any mortgage loan, we’ll evaluate your qualifying factors to determine if you’re a good candidate for the bank statement loan before you go searching for a home! And because we don’t ask for tax returns, you don’t have to worry about skipping certain deductions you’re entitled to as a business owner and increasing your tax liability just to get approved for an Arkansas mortgage.

What is a Bank Statement Loan? 

A Bank Statement loan is often a great mortgage option for eligible self-employedArkansasmortgage applicants that doNot show their true income on their tax returns to qualify for the mortgage they want. This program uses the mortgage applicants’ average bank statement deposits business or personal to calculate their income without requiring tax returns or  w-2’s. Bank statement mortgage lenders are relatively new. The most common borrower that benefits from the bank statement loan is the self-employed that does not show enough income to purchase the home of their choice.

What is a Bank Statement Mortgage?

The name should explain it – Arkansas no tax return mortgage lenders  can use bank statement deposits to estimate your income instead of  tax returns. Bank lenders and lenders that sell your loan to fannie mae or freddie mac all want to see your income after expenses. If your tax returns show less than enough income you will Not qualify for the mortgage of your choice.  Fannie Mae Freddie mac lenders can only use the income after all expenses claimed on your tax returns for qualifying.  This Fanniemae 1084 self employed worksheet may be used to prepare a written evaluation of the analysis of income related to self-employment. The purpose of this written analysis is to determine the amount of stable and continuous income after expenses that will be available for you to purchase a home. 

How Does it Work? 

Bank statement mortgage lenders will request your last 12 – 24 months of bank statements to prove your income. We look for regular monthly deposits that equal to the income you state you make running your business. We use the deposits as proof of your income and to come up with the figures used to determine your debt-to-income ratio, and how much you can afford.  The percentage the lender will allow you to use to qualify for it depends on the industry you’re in and the regularity of your deposits.  Our bank statement loan works on almost any property type including owner-occupied, second homes, and investment homes. 

Why Choose a Bank Statement Loan? 

Bank statement loans have pros and cons, like all other mortgage loans. If you’re self-employed consider the bank statement loan for these benefits:

  • You can get mortgage financing without using your tax returns and/or you’ve been denied by your bank or credit union.
  • You can continue to claim your business write-offs without losing your mortgage eligibility.
  • You don’t need perfect credit
  • You can buy a home with just 10% down
  • Sellers can help you with up to 6% of the sales price in closing costs (2% for investment homes) 

What Are the Downsides?

  • If you don’t make your mortgage payments you can lose your home
  • You’ll need at least 10 Down + Closing cost + Reserves.
  • You need 3-6 months of reserves in your account at closing. 

Bank statement loans have flexible guidelines and let you qualify without typical tax returns. It’s a nice reprieve for self-employed borrowers who already face so many different regulations and expenses since they don’t work for someone else. 

Are These like  Conventional Loans?  

 Here are a few ways our bank statement loans are more flexible than a conventional loan:

  • NO PMI with Bank Statement Loans – We only require a 10% down payment yet you don’t pay PMI. Conventional loans require PMI with a down payment of less than 20%. This saves you money on your mortgage payment and makes it easier to afford a home.
  • 30-year Fixed repayment terms – but with a variety of options. You can choose a 30-year fixed-rate loan, 5/1 ARM, or 7/1 ARM. 
  • No prepayment penalty on primary owner-occupied or second homes – This means you can make extra payments as often as you want, pay the loan off early, or sell the home whenever you want. 

NO Tax Return Arkansas Mortgage Lenders

Arkansas Bank Statement No Tax Return Mortgage Coverage Areas

City
Little Rock Arkansas
Fort Smith
Fayetteville
Springdale
Jonesboro
Rogers
Conway
North Little Rock
Bentonville
Pine Bluff
Hot Springs
Benton
Sherwood
Texarkana
Russellville
Paragould
Bella Vista Arkansas
Jacksonville
Cabot
West Memphis
Searcy
Van Buren
Bryant
Maumelle
El Dorado
Siloam Springs
Hot Springs Village
Centerton
Forrest City
Blytheville
Harrison
Mountain Home
Marion
Magnolia
Malvern
Camden
Batesville
Arkadelphia
Helena-West Helena
Hope
Clarksville
Lowell
Monticello and Greenwood
Stuttgart
Beebe
Wynne
Newport
Farmington
Heber Springs
Trumann
Osceola
Morrilton
Pocahontas
De Queen
Prairie Grove
East End
Pea Ridge
Alma
Warren
Berryville
Greenbrier
Mena
Ward
Walnut Ridge
White Hall
Barling
Sheridan
Crossett
Cherokee Village
Cave Springs
Gibson
Rockwell
Haskell
Vilonia
Dardanelle
Piney
Ashdown
Nashville
Tontitown
Lonoke
Southside and Gentry
Shannon Hills
Dumas Arkansas
Booneville
Fordyce and McGehee
Johnson
Austin
Landmark
Ozark
Piggott
Brookland
Marianna
Gravette
Paris
Waldron
Manila
Elkins
Alexander
Pottsville
Gosnell
Corning
DeWitt
Atkins
Prescott
Mountain View
Harrisburg
Bald Knob
Dermott
Green Forest
Little Flock
Bethel Heights
England
North Crossett
Horseshoe Bend
Brinkley
Hamburg
West Fork
Hoxie
Lake City
Huntsville
Clinton
Goshen
Gassville
Leachville
Charleston
Holiday Island
Lincoln
Bono
Elm Springs and Lavaca
Dover Arkansas
Eureka Springs
Judsonia
Fairfield Bay
Bay
Calico Rock
Kensett
Marked Tree
Lake Village
Mayflower
Carlisle
Eudora
Augusta
Cave City
Danville
Prairie Creek
Lake Hamilton and Earle
Salem CDP
Gurdon
Glenwood
Rector
Avoca
Lepanto
Murfreesboro
McCrory
Bull Shoals
Stamps
Star City
Smackover
Tuckerman
Hazen
Lamar
Wrightsville
McAlmont
Cedarville
Melbourne
Hampton
Marvell
Mulberry
Greenland
Decatur
Salem
Monette
Clarendon
Perryville
Diaz
West Crossett
Highfill
Marmaduke
Waldo
Des Arc
Marshall and Redfield
Sulphur Springs CDP
Newark Arkansas
Yellville
East Camden
Flippin
Oak Grove Heights
Highland
Caraway
Mansfield
Ash Flat
Swifton
Kibler
Mount Ida
Wooster
Foreman
Rison
Wickes
Desha
Cotter
Wilson
Mammoth Spring
Avilla
Stephens
Coal Hill
Madison
Genoa
Mineral Springs
Tumbling Shoals
Midway CDP
Hughes
Luxora
Diamond City
Bearden
Lakeview
Magnet Cove
Hackett
Horatio
Magazine
Dierks
Sweet Home
Altus
Cammack Village
Lewisville
Taylor
Ola
Dyer
Hermitage
Greers Ferry
Black Rock Arkansas
Quitman
Belleville
Roland
Palestine
Oppelo
Weiner
Rockport
Higginson
Jasper
Imboden
Fouke
Keiser
El Paso
Altheimer
London
Hardy
Hartford
Amity
Plumerville
Parkin
Elaine
Tyronza
Caddo Valley
Kirby
Salado
Huttig
Leola
Cherry Valley
Oxford
McRae
Junction City
Bergman
Bauxite
Western Grove
Central City and Ozark Acres
Bradford
Pangburn
Norphlet
Gould
Knoxville
Lockesburg and Armorel
Bradley
Wheatley
Turrell
De Valls Bluff
Woodson and Thornton
Midway
Plainview and Sardis
Gillett and Lacey
Sulphur Rock Arkansas
Norfork
Hatfield
Joiner
Natural Steps
Hartman
Mountainburg
Leslie
Grannis
Crystal Springs
Center Ridge
Fountain Lake
Holly Grove
Bismarck
Crawfordsville
Huntington
Garfield
Mountain Pine
Kingsland
Portia
Bonanza
Summit
Holland, Rose Bud, and Cotton Plant
Wilmot
Sparkman
Clarkedale
Tull
Subiaco
Arkansas City
Guy
Dennard
Wesley
McNeil
Reyno
Bellefonte and Batavia
Cincinnati
Grubbs and Prattsville
Caldwell
Sulphur Springs and Emmet
Norman
Maynard
Calion
Perrytown and Yarborough Landing
Havana and Horseshoe Lake
Oak Grove town
Pearcy
Lafe
Cushman
Henderson
Ravenden
Hector
Rosston
Damascus and Lake View
Bigelow
Montrose
Wilton
Edmondson
Blevins
Mount Pleasant
Centerville
Branch and Enola
Alpena
Morrow
Winslow
Wabbaseka and Portland Arkansas
Vanndale
Poyen
Humphrey
Perry
Traskwood
Okolona and Donaldson
Evening Shade and Harrell
Patterson
Fox
Shirley and Midland
Mitchellville
Strawberry and St. Charles
Delight
Floyd
Strong
Maysville and Walcott
Colt
Etowah and Acorn
Cash
College Station and Twin Groves
Biggers
Campbell Station
Willisville
Buckner
Salesville
Cove
Payneway and St. Joe
Viola and Dyess
Gillham
Gilmore
Newhope
Sherrill
Deer
Wilmar
Russell, Valley Springs, and Chidester
Denning and Scranton
Parkdale
Letona and Lonsdale
Oden
Moro
St. Francis
O’Kean
Floral
Garland
Knobel
Lead Hill and Lost Bridge Village
Pleasant Grove
Hickory Ridge
Fredonia (Biscoe)
Magness
Ulm
Carthage
Friendship
Sunset and Gateway
Griffithville and Grady
Lynn and Keo
Tillar
Widener
Canehill
Burdette
Pollard and Pindall
Ogden and Tollette
Watson
Dell
Almyra
Perla
Ratcliff
Garner Arkansas
Pleasant Plains
Adona and Jacksonport
Black Oak
Emerson and Menifee
Banks and Collins
Bluff City
Bethesda
Kingston
Goodwin and Humnoke
Springfield
Briarcliff
Vandervoort, Mount Vernon, and Ravenden Springs
Saratoga and Fountain Hill
Antoine
Houston and Bodcaw
Greenway
Caulksville and Concord
Sedgwick and Urbana
Lexa and Rover
Oil Trough
Bee Branch
Pyatt and Wayton
Pencil Bluff
Winthrop
New Edinburg, Louann, and Aubrey
Alicia
Powhatan
Halley
Rudy and Oakland
Summers and Bassett
West Point and Rye
Appleton and Sidney
Fisher
Reader and Winchester
Springtown
Hindsville, Ivan, Washington, and Moorefield
Warm Springs
St. Paul
Aplin
Alpine
Delaplaine
Blue Mountain
Pineville
Rondo
Haynes
Hunter
Mount Olive, Reed, and Oak Grove
Franklin and Oakhaven
Staves
Fulton
Drasco and McNab
Success and Gum Springs
Fifty-Six and Casa
Hattieville
Fargo and Jones Mills
Mount Holly
Caddo Gap
Center Point
Boles and Black Springs
Peach Orchard
Ben Lomond
Chester
Georgetown
Guion
Allport, Wilburn, and South Lead Hill
Alleene
Ozan
Patmos and Higden
Roe, Blue Eye, and Nimmons
Woodlawn and Lawson
Daisy Arkansas
Alix
Rivervale
Omaha
Board Camp
McCaskill
New Blaine
Williford
Jericho and Datto
Marie and Anthonyville
Tucker, Zinc, and Uniontown
Coy and Weldon
Cale
Jennette
Smithville
Cherokee City and Amagon
Beedeville
Minturn
Bowman, Monroe, LaGrange, and Beaver
Everton
Big Flat, Felsenthal, and McDougal
Morrison Bluff
Hensley
Waldenburg, Jerome, Gregory, Corinth, and Tupelo
Poplar Grove, Violet Hill, and Tinsman
Egypt
Whelen Springs
Fair Oaks
Edgemont
Mount Judea
Fourche
Birdsong
Hagarville
Dora
Wiederkehr Village and Evansville
Witts Springs
Gamaliel
Scott
Victoria
Ozone
Gilbert Arkansas

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US Mortgage Lenders has an extensive lender network that allows us to provide unique and mortgage solutions. Contact US for the most update information on terms and conditions. All Information on this site Is for example, hypothetical purposes and should NOT be relied on for decision making.
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