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Can I buy or refinance a second or investment property using bank statements only for income?

SELF EMPLOYED MORTGAGE LENDERS QUESTIONS AND ANSWERSCategory: Bank StatementsCan I buy or refinance a second or investment property using bank statements only for income?
shaamrock Staff asked 1 year ago

Yes we have private bank statment lenders that do Not require tax returns to verify the ability to repay that will allow you to purchase or refinance a primary home, second home or investment property.

SECOND HOME OR INVESTMENT PROPERTY NO TAX RETURN LOAN TERMS:
● 5 year ARM, 7 year ARM or 30 Year Fixed
● No Pre-payment penalty
● Floor = Start rate
● Caps are 2/2/5 (2% initial change cap /
2% annual cap / 5% lifetime cap)
● Index – 1 year libor
● All loans require impound for tax and
insurance
SECOND HOME OR INVESTMENT PROPERTY NO TAX RETURN PROPERTY TYPES:
● SFRs, condos, townhouses, 2-4 units (no rural
properties < $200,000)
● Property must show “pride of ownership”
DEBT TO INCOME RATIO:
● 50% max DTI (up to 55% case by case)

POPULAR QUESTIONS INCLUDE: 

How long do you need to have a job to get a mortgage?

Can you Buy or Refinance a house with NO income?

Can I Refinance A Mortgage Without Proof Of Income?

How much of a down payment do you need for a bank statement only mortgage?

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