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Oklahoma NO Tax Return Bank Statement Mortgage Lenders

Bank Statement Self Employed Oklahoma 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 Oklahoma 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 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 Oklahoma. 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 Oklahoma mortgage.

What is a Bank Statement Loan? 

A Bank Statement loan is often a great mortgage option for eligible self-employed Oklahoma mortgage 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 Oklahoma 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 Oklahoma Mortgage Lenders

Oklahoma Bank Statement No Tax Return Mortgage Coverage Areas

Oklahoma City
Tulsa
Norman
Broken Arrow
Lawton
Edmond
Moore
Midwest City
Stillwater
Enid
Muskogee
Bartlesville
Owasso
Shawnee
Yukon
Bixby
Ardmore
Ponca City
Jenks
Duncan
Mustang
Del City
Sapulpa
Sand Springs
El Reno
Bethany
Claremore
Altus
Durant
McAlester Oklahoma
Ada
Tahlequah
Chickasha
Glenpool
Miami
Choctaw
Woodward
Weatherford
Okmulgee
Elk City
Guymon
Guthrie
Newcastle
Warr Acres
Coweta
The Village
Pryor Creek
Clinton
Wagoner
Poteau
Sallisaw
Blanchard
Piedmont
Skiatook
Catoosa
Cushing
Tuttle
Seminole
Collinsville
Grove
Noble
Idabel
Tecumseh
Blackwell
Anadarko
Purcell
Harrah
Pauls Valley
Holdenville
Henryetta
Vinita
Hugo Oklahoma
Lone Grove
Alva
Sulphur
Perry
Kingfisher
Verdigris
Sayre
Marlow
Slaughterville
Bristow
Pocola
Broken Bow
Stilwell
McLoud
Spencer
Madill
Fort Gibson
Nichols Hills
Roland
Park Hill
Nowata
Frederick
Hobart
Pawhuska
Dewey
Hominy
Heavener
Chandler
Muldrow and Hinton
Okemah
Wewoka
Bethel Acres
Mannford
Tishomingo
Cleveland
Elgin
Jones
Checotah
Calera
Longtown
Tonkawa
Hennessey
Perkins
Atoka
Drumright
Watonga
Davis
Eufaula
Cache
Turley Oklahoma
Lindsay
New Cordell
Marietta city
Mangum
Stigler
Healdton
Walters
Stroud
Fairview
Wilburton
Nicoma Park
Jay
Kiefer
Oakhurst
Antlers
Commerce
Texanna
Goldsby
Spiro
Lexington
Chelsea
Krebs
Chouteau
Pawnee
Coalgate
Haskell
Inola
Newkirk
Waurika
Burns Flat
Comanche
Prague
Arkoma
Wynnewood
Pink
Carnegie
Hartshorne
Minco
Kingston
Oologah
Norwood
Granite
Morris
Copeland
Hollis
Justice and Westville
Cherokee
Cleora
McCord
Luther
Locust Grove
Central High
Hooker
Union City
Wilson
Maysville
Salina
Stratford
Helena
Dickson
Langston
Laverne
Shattuck
Panama
Okarche
Beaver
Warner
Snyder Oklahoma
Beggs
Crescent
Vian
Whitehorn Cove
Apache and Buffalo
Fairfax
Cashion
West Siloam Springs
Wetumka
Bushyhead
Thomas
Grandview
Colbert
Peggs
Byng
Gore
Waukomis
Geronimo
Fairland
Boley
Kellyville
Hydro
Meeker
North Enid
Ninnekah
Sperry
Mooreland
Konawa
Caddo
Shady Point
Pond Creek
Kansas
Goodwell
Rush Springs
Seiling
Boise City
Barnsdall
Cherry Tree
Wister
Bray
Sentinel
Tyrone
Oakland
Texhoma
Allen
Latta
Talihina
Maud
Kenwood and Grandfield
Moodys Oklahoma
Mannsville and Mounds
Weleetka
Woodall
Brushy
Okeene and Briggs
Ringling
Cookson and Medford
Fletcher
Forest Park and Yale
Copan
Arapaho
Sequoyah
Elmore City
Cyril
Sunray
Howe
Temple
Valliant
Afton
Valley Brook
Dibble
Porum
Geary
Akins
Colcord
Cumberland
Boswell
Wellston
Keys
Quinton
Ryan
Empire City
South Coffeyville
Rock Island
Pickett
Quapaw
Toppers
Cheyenne
Dewar
Lost City
Oilton
Wickliffe
Waynoka Oklahoma
Roff
Johnson
Erick
Taylor Ferry
Cole
Paoli
Carlisle
Tipton
Wayne
Burneyville
Pettit
Flint Creek
Rocky Point
Olustee
Alex
Fairfield
Welling
Garber
Davenport
Brent
Morrison
Winchester
Asher
Springer
Washington
Keefton
Rocky Mountain
Sterling
Kiowa
Haileyville
Adair, Mountain View, and Pin Oak Acres
Welch
Blair
Remy
Ramona
Vici
Wright City
Velma
Binger
Fort Cobb
Arnett
Corn
Limestone
Tryon
Clayton
Lyons Switch and Coyle
Red Oak Oklahoma
Leedey
Redbird Smith and Langley
Savanna
Verden
Shady Grove CDP
Ochelata and Zeb
Ringwood
Porter
Whitefield
Keota
Ravia
Mountain Park and Schulter
Carney
Dustin and Fort Towson
Hulbert
Bokchito
Calumet
Wapanucka
Old Green
Webbers Falls
Forgan
Wyandotte
White Eagle
Canute and Silo
Eagletown and Stonewall
McCurtain
Hammon
Okay
Glencoe
Tushka and Lahoma
Cartwright
Covington ok
Fort Coffee
Eldorado
Bokoshe
Cedar Valley
Sawyer
Canton
Chattanooga
Sportsmen Acres
Ketchum
Fanshawe
Depew
Cement
Foyil
Drummond
Katie
Spavinaw and Eakly
Lone Wolf
Vera and Paden
Wauhillau
Titanic
Stringtown
Amber
Cleo Springs
Lowrey
Cedar Lake
Billings
Bowlegs
Shidler
Earlsboro, Belfonte, and Bridge Creek
Thackerville
New Eucha and Terral
Crowder
Bernice
Gage and Chewey
Gowen
Bell
East Duke
Delaware, Tenkiller, and Westport
Custer City
Twin Oaks
Cloud Creek
Proctor and Shady Grove
Achille
Dover
Fort Supply
Prue and Carmen
Peavine
Simms
Calvin
Lenapah and Barber
Tonkawa Tribal Housing and Jennings
Dale and Gideon
Sand Hill
Gans
Freedom
Mead
Elm Grove and Crescent Springs
Haworth
Randlett
Kinta
Rose
Wakita
Cameron
Hardesty
Long
Evening Shade
Taloga and Coleman
Dill City
Tupelo and Francis
Optima
Ralston and Agra
Snake Creek
Fitzhugh
Little Ponderosa
Wanette and Medicine Park
Rattan
Fargo
Nicut
Foster and Sand Point
Cromwell
Adams
Marland
Canadian Shores
Tribbey, Mill Creek, Grant, and Caney CDP
West Peavine
Preston and Lamont
Kremlin
Goltry
Oktaha
North Miami and Wynona
Avant and Davidson
Watts
Millerton and White Oak
Indiahoma
Kaw City
Turpin
Talala
Leach
Marshall
Ballou, Milburn, and Ripley
Butler CDP
Gracemont
Byars, Jet, and Oaks
Greasy
River Bottom
Ames
Bessie and Lebanon
Lehigh
Chance, Bennington, and Manitou
Kemp and Mallard Bay
Butler
Steely Hollow and Mulhall
Gotebo
Bluejacket
Keyes
Slick and Willow
Roosevelt, Hochatown, and Whitesboro
Sportmans Shores
Arpelar
Baron
Dougherty and Castle
Blue
Dixon
Gene Autry
Red Rock
Rocky
Breckenridge and Longdale
Lane
Rocky Ford
Soper and Braggs
Stoney Point
Nash
Garvin
Grand Lake Towne
Caney
Little Rock
Hickory
Carter
Sams Corner, Disney, Marble City, and Canadian
Haywood
Leonard
Cimarron City
Edgewater Park and Tamaha
Box
Bee and Warwick
Short
Big Cabin
Norge
Liberty CDP
Grayson
Teresita
Greenfield
Etta and Pittsburg
Alderson
Braman
Fairmont and Monroe
Honey Hill, Burlington, Hanson, and Tatums
Woodlawn Park
Camargo and Pumpkin Hollow
Drowning Creek and Deer Creek
Cornish
Sparks and Foss
Sparrowhawk and Lamar
Liberty and Meno
Bradley, Rentiesville, and Christie
Platter
Dry Creek and Indianola town
Tullahassee, Cayuga, Stuart, Ratliff City, and Briartown
Boynton, Middleberg, Eldon, and Aline
White Water and Gregory
Zena, Notchietown, Pump Back, and Connerville
Pensacola
Le Flore, Clarita, Bromide, and Wann
Hunter, Bearden, Iron Post, Cottonwood, and Pinhook Corner
Reydon and Greenville
Cedar Crest and Ingalls
Lawrence Creek and Narcissa
Horntown and Wainwright
Arcadia, Welty, Phillips, and Lequire
Pocasset
Tiawah, Kenefic, Johnson Prairie, and Yeager
Martha and Milfay
Baker
Flute Springs, Lakeside Village, and Oak Hill-Piney
Sweetwater
Bull Hollow, Sharon, and Taft
McBride and Etowah
Summit, Hanna, and Lookeba
Armstrong
Brush Creek
Erin Springs, Enterprise, and Murphy
Lawtonka Acres and Wardville
Olive and Hennepin
Osage
Burbank and Gould
Earl
Lake Ellsworth Addition
Maramec
Marietta, Devol, Dotyville, and Douglas
Felt and Peoria
Little City
Loyal and Hoffman
Spaulding
Bridgeport and Hastings
Chester, Mulberry, and Colony
Deer Lick
St. Louis, Dwight Mission, and Sour John
Council Hill and Addington
Atwood
Elmer, Dacoma, and Leon
Isabella, Dennis, and Moffett
Bentley and Panola
Fair Oaks and Blackburn
Smithville and Lucien
Bache and Twin Lakes
Strang, Kendrick, and Manchester
Albion
Mazie, Loco, Hoyt, and Blackgum
Hallett and Hendrix
Fittstown and Cave Spring
Whippoorwill
Redbird
Sumner
Washita
Mehan
Watova
Smith Village, Tuskahoma, and Kildare
Cowlington
Hillsdale
Headrick and Moyers
Nescatunga and Putnam
Bowring and Blanco
Swink, Oakwood, Paradise Hill, and Orlando
Faxon and Fox
Centrahoma, New Alluwe, and Fay
Sasakwa and Lima
Hitchita and Lake Aluma
Hodgen and Terlton
Hitchcock
Golden
Dripping Springs
Hollister
May
Bryant, Brooksville, Vanoss, Emet, and New Woodville
Bunch
Duchess Landing
Reagan, Nashoba, Webb City, and Badger Lee
Utica
Carrier and Gate
Albany
IXL, Caney Ridge, and Gerty
Hopeton
Rosston
Scipio
Ashland and Dodge
Avard and Skedee
Peckham
Mutual and Friendship
Zion and Bug Tussle
Elohim City
Bison, Piney, and Rosedale
Sugden, Pontotoc, Foraker, Old Eucha, and Shamrock
Adamson
Lovell and Amorita
Indianola and Byron
Macomb and Homestead
Clearview
Strong City
Quay and Nelagoney
Stidham
Fallis and Grainola
Knowles
Valley Park
Eagle City
Meridian
Hough
Nardin, Jefferson, and Oak Grove
Quinlan, Durham, and Lambert
Selman
Cooperton and Texola
Carlton Landing, Renfrow, Loveland, Lotsee, and Kenton

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