With a bank statement mortgage lenders the borrower provides 12 or 12 months of bank statements instead of their tax returns, W-2s or pay stubs in order to verity the ability to make the monthly mortgage payments. Bank statement mortgages lenders make loans to contractors or and self-employed freelancers or self employed mortgage applicants with seasonal or inconsistent income streams. For business bank statments mortgage lenders require self employed to provide a self prepared profit and loss statement to confirm their personal income after monthly expenses.
Self employed mortgage applicants use bank statement loans because they may not be able to or want to provide the documents required to qualify for a traditional bank mortgage loans. For example, most banks that portfolio their own loans require self employed mortgage applicants to provide a full 2 years Tax returns both bushiness and personal but self-employed borrowers usually cannot show enough income after writing off every single possible tax deduction. Moreover, Self employed mortgage applicants who do not receive a regular paycheck but who earn a sufficient income are good applicants for a bank statement only loan because lenders will allow them to average 12 to 24 months of income. Most bank statement mortgage lenders do not require tax returns which is appealing. In summary, if you are self-employed, a contractor, freelancer or run a business or/and experience fluctuations in you income and want to purchase or refinance a home without providing your tax returns, a bank statement lender is the way to go!
NO Tax Return Bank Statement Mortgage Lenders
Bank statement mortgage loans are NOT provided by traditional bank lenders . Not all lenders offer the program but we do. We recommend you contact us for a quote on the best self employed mortgage lenders loan terms.
While the bank statment only mortgage offers benefits there are a different set of qualification guidelines than a standard mortgage. Additionally, it is important to understand how the unique program requirements affect what size loan you can afford as well as the mortgage rates for a bank statement only loan.
POPULAR SELF EMPLOYED BANK STATEMENT ONLY MORTGAGE QUESTIONS INCLUDE: