Our bank statement loan program is a great option for self-employed borrowers looking to Purchase, Refinance or take Cash Out of their home. You can use Personal or Business bank statements, 1099s or CPA Profit and Loss Statements as a method to calculate income. The statements, 1099s or P & Ls are used to prove the ability to repay the loan.
Bank Statement Loan Highlights
- 12 to 24 Month Business or Personal Bank Statements or 1099s Accepted
- Loans Available up to 20 Million Dollars for Purchase or Cash Out Refinance
- Interest Only Payments available on a 30 year fixed rate mortgage
- Available for Primary, Secondary or Investment properties
- No W-2 or tax returns
- Up to 90% loan to Value depending on Program and Credit Scores
- Credit Scores from 620 with higher down payment and interest rates
- Must be Self-Employed for 1 year
How We Determine Your Monthly Income
We use 12-24 months of Total Deposits (no refunds counted) to your Bank Checking Account - Only one account will be used. That total is divided by 12 or 24 to determine the qualifying monthly average.
For Personal Accounts use 100% of the qualifying deposits - - less 50% expense ratio.
For Business Accounts use up from 50% to 70% of the deposits depending on type of Business. The remaining is Considered your Income for Qualifying.
1099 Income Uses 1099 Income plus year to date Income less business expense ratio.
Use our free Mortgage Calculators - Click Here
How Much Can I Be Approved For?
You will be qualified for up to 50% total debt to your income. We count the new mortgage payment, insurance and taxes plus minimum payments for credit cards, car loans, student loans etc. that are reported on your credit report.
You Will Need to Have 3 to 6 Months of Reserves plus down payment and closing costs to be approved.
Refinance - Cash Out
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Refinance QualifierProperty Purchase
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Purchase QualifierApply Now
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