Bank Statement Self Employed Mortgage Lenders

Bank Statement Mortgage Lenders- Self Employed Lenders Program Overview
NO TAX RETURNS NEEDED!
QUALIFY USING BANK STATEMENT ONLY
Self-Employed Mortgage Lenders Program Highlights Summary


  • Self Employed, No W2 or Tax Returns Required
  • Great for business owners with write-offs
  • Loan Amounts to $3M
  • Use 12 Personal or Business Bank Statements For Income!
  • Up to 90% loan to value with no Mortgage Insurance!
  • Interest Only Options (30 & 40 Options)
  • ARM’s and FIX rates Available
  • Personal or Business Bank Statement Options
  • W2 or Retired Co-Borrower allowed (blended income). Also, Asset Depletion
  • Single Family Homes, Townhomes, Villas, Condos Non-Warrantable condo’s
  • Credit scores down to 580
  • Owner Occ, 2nd Home and NON Owner Occupied
  • Borrowers with up to 20 financed properties
  • SFR, Condo, 2-4 Unit and Non-Warrantable Condo
  • One Appraisal Up to $1.5M

BANK STATEMENT ONLY SELF EMPLOYED MORTGAGE LENDERS CRITERIA

Credit Additional Criteria Credit • Minimum FICO: 600      • Housing History: 0x30x24 • Credit Event Seasoning (Bankruptcy, Foreclosure, Short Sale, DIL): 24 Months • Tradelines: At least 2 open and active trade lines that have reported for a minimum of 24 months. 3 for 24 months and Rental History Counts
Property Type Limitations • Condo / 2‐4 Unit: 85% Max LTV    • Non‐Warrantable Condo: 80% Max LTV  • Non‐Warrantable Condo Maximum Loan Amount: $1,500,000 • Rural Property: 80% Max LTV
Cash out Limit • Program Maximum limited to 75% of Property Value      • Loan Amounts exceeding $1,000,000, Condominiums, and Multi‐Units limited to 70% of Property Value
Debt‐To‐Income (DTI) • 50% Maximum DTI      • 50% DTI Allowed with the following restrictions: Full Doc Only; 12 months of reserves are required; LTV/CLTV may not exceed 85% • 55% DTI Allowed with the following restrictions: ‐ A minimum of 12 months of reserves are required; ‐ Refinance transactions that do not meet the Net Tangible Benefit definition are not allowed; ‐ LTV/CLTV may not exceed 85%; ‐ Minimum of $3,000 / Month. Add $250 for the first dependent. Add $125 for each additional dependent; ‐ Primary Residence Only; ‐ Allowed for 24 mo Full Income Documentation only ‐ Minimum FICO Score: 680; ‐ First Time Home Buyer not permitted
Eligible Products • 30 Year Fixed• 5/1 LIBOR ARM (2/2/5 Caps)     • 7/1 LIBOR ARM (5/2/5 Caps) • 15 Year Fixed     • 30 Year Fixed ‐ ARM Qualifying Rate: Greater of the Fully‐Indexed Rate or Note Rate ‐ ARM Index: 12 Month LIBOR ‐ ARM Note Margin = 3.75% ‐ ARM Floor = Margin
Residency • US Citizen; Permanent resident alien; Non‐permanent resident alien
Second Homes • Maximum LTV/CLTV: 80% or program max, whichever is lower

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