Georgia Bank Statement Only Mortgage Lenders
It’s a simple but sometimes unfortunate truth of the post-recession Georgia mortgage market: Self-employed borrowers whose incomes are less documented have a more difficult time qualifying for a traditional Georgia mortgage. The terms of the Qualified Mortgage rule and other regulatory measures have necessitated that most Georgia mortgage lenders err on the side of caution which often means loan candidates must meet specific Georgia mortgage qualifying criteria. We offer Stated Georgia Mortgage Lenders via Bank Statements Only to Verify income!
Bank Statement Only Georgia Mortgage Lenders Summary
Most suitable for GA borrowers!
– No Tax Returns Required
– 12-24 months Personal/ Business bank
– Bank Statement Deposits Used To Qualify
– Loans Up To $3 Million (Minimum $150,000)
– Credit scores down to 620
– Interest Only Available
– Personal To 90% LTV (No MI), business to 80% LTV
– 5/1 ARM or 30-year fixed
– Seller Concessions To 6% (2% For Investment)
– 2 Years Seasoning For Foreclosure, Short Sale, BK, DIL
– Owner-Occ, 2nd Homes, And Investment Props
– Non-Warrantable Condos Considered
– Gift Funds Allowed
– No Pre-Pay Penalty For Owner-Occ 2nd Homes
– SFRs, Townhomes, Condos, 2-4 Units
– DTI Above 35/43 Considered With 660+ Credit Score
GEORIGA BANK STATEMENT ONLY MORTGAGE LENDERS – DETAIL
Georgia Mortgage Lenders offers a 24-Month Bank Statement Program.
Borrower Employment Types:
- Self Employed
Must provide business license, Tax Preparer’s letter or corporate paperwork.
Georgia Mortgage Lenders will accept Personal or Business Bank Statements. However, qualifying income will be calculated differently.
- Georgia Personal Bank Statements: 100% of Deposits Add all deposits for all 24 months and divide that amount by 24 to receive the monthly income amount we will apply as the borrower’s qualifying income.
Ex. 24 months deposits total = $200,000 / 24 = $8,333 a month income.
- Georgia Business Bank Statement Lenders Use: 50% of Deposits- Add all deposits for all 24 months, divide by 2, and then divide by 24 to receive the monthly income amount we will give to the borrower.
Ex. 24 month deposit total = $500,000 / 2 = $250,000 / 24 = $10,333 a month income. * Only 50% is used because we have to assume the business has overhead.
Georgia Bank Statement Only Mortgage Lenders – Minimum 580 Credit
|Georgia Bank Statement Only Loans||GEORGIA BANK STATEMENT ONLY|
|Georgia Program Description||Income per Bank Statements – 580 Credit|
|Eligible Georgia Products
30 year fixed
Caps: 2% each year and 5% lifetime (5/2/5 caps are permitted on loans that close prior to February 28, 2017)
Index: 1 YR Libor
Floor: Initial note rate
|Interest Only and Amortization Options:||5/1 ARM: 7 Year Interest Only, 10 Year Interest Only or 30 Year Self-amortization
7/1 ARM: 10 Year Interest Only, 30 Year Self-amortization
30 Year Fixed: 7 Year Interest Only, 10 Year Interest Only or 30 Year Self-amortization
(Interest Only products are for a 30-year term. After the Interest Only period the loan must amortize over the remaining term.)
|Georgia Borrower Eligibility||At least one borrower must be self-employed minimum of 2 years
Each borrower must be either a United States citizen, permanent resident alien with a “green card” (form I-151 or I-551), or lawful non-permanent resident alien who meets the requirements of section B2-2-02 of the Fannie Mae guidelines; provided that restrictions apply to certain non-citizen borrowers as set forth in Section 4 hereof.
|Allowable Georgia Loan to Values (LTV), Maximum Loan Amounts||Primary Georgia Residence
Georgia Purchase and Rate & Term Refinance:
80% LTV to $1,250,000 – (1F only, 600 credit score required)
75% LTV to $1,500,000 – (660 credit score required)
75% LTV to $1,250,000
70% LTV to $1,500,000 – (660 credit score required)
70% LTV to $1.250,000 – (600 credit score required)
1 Family up to Georgia loans of $1,000,000:
-75% of Property Value
Condos and 2-4 Georgia Family:
-70% of property value
Georgia Loans of more than $1,000,000:
-70% of Property Value
Second Georgia Home
Purchase and Rate & Term Refinance:
75% LTV to $1,000,000 – (660 credit score required)
70% LTV to $1,000,000
Cash-out Georgia Refinance:
70% LTV to $1,000,000 – (660 credit score required)
65% LTV to $1,000,000
1 Georgia Family:
-65% of Property. Value
Condos & Georgia 2-4Family:
-60% of Property Value
Investor Georgia Occupied
Purchase and Rate & Term Refinance:
70% LTV to $1,000,000 (660 credit score required)
65% LTV to $1,000,000 (640 credit score required)
Cash-out Georgia Refinance:
65% LTV to $1,000,000 (640 credit score required)
Maximum Georgia cash-out:
-65% of Prop. Value
Condos & 2-4 Georgia Family:
-60% of Property Value
|Minimum Georgia Loan Amount||Georgia Owner occupied and second homes: $100K, Investor: $75K|
|Minimum Credit Score||580 (lowest mid-score among all borrowers); unless otherwise noted|
|Maximum Debt to Income Ratio||50% DTI based on 24 Months Georgia Bank Statements Only|
|Eligible Georgia Properties Types||1-4 Family and Fannie Mae warrantable condo|
|Permissible Georgia Occupancy||Primary residences, second homes and investment|
|Required Georgia Reserves||
|Income Documentation||24 Months of Personal Bank Statements and 3 months Business statements; as more fully detailed in Section 6 hereof.|
|Credit History||· No Foreclosures or Bankruptcy filings past 48 months
· Bankruptcies must have been discharged not later than 12 months PTC
· No Deed in Lieu or Short Sale past 24 months
|Mortgage History||0x30x12 @ full LTV or 1 X 30 X12 @ LTV
-limited to 70% on purchases and R&T
-limited to 65% on cash-out refinances
|Subordinate Financing||Not allowed|
|Appraisal Requirements||1 Full Georgia Appraisal + CDA or ARR. Georgia Loan amounts over $1,000,000 require 2 appraisals + CDA or ARR|
|AUS||Not applicable; manual underwrite|
|ACH draft required for mortgage payments||No|
Details of Georgia Bank Statement Lenders Program:
Georgia Personal & Business Bank Statement Only Mortgage Lender Guidelines
- Only deposits can be used Transfers are NOT counted on personal and case-by-case for Georgia business*
- Must have 24 consecutive months of statements (no gaps)
- Must provide All pages (even the last pages with advertising)
- Cannot comingle (use two different accounts) statements**
- If account was used and closed and new account for remainder of statements must show closing of old account and opening of new account
* Transfers may be accepted for business statements when they come from credit card clearing houses (examples: Paypal, Square, AMEX, etcetera). Case-by-Case and must be considered normal for the company.
** Multiple accounts are considered on a case-by-case when (a) one account is closing and reopening new account, or (b) for Business accounts that are two different and autonomous businesses.
Are you self-employed in Georgia? Do you earn seasonal income? Are you a consultant, promoter, tax-preparer, freelancer, artist or other professional with an irregular Georgia income stream? If so, our Georgia Bank Statement Mortgage Lenders Program may be perfect for you!
How does a Georgia Bank Statement Only Georgia Mortgage work?
Simple. Instead of requiring your last 2 years of tax returns, W-2s, or proof of regular payroll checks, we base our Georgia Bank statement loan approvals decision on a combination of your Georgia Bank statements and a Profit & Loss statement for your Georgia business deposits.
Even if you earn your income in just part of the year, as long as you maintain Georgia Bank accounts documenting your Georgia business income or Georgia Personal income Georgia Bank statement deposit stream we can help!
We offer three Situations for our Georgia Bank Statement Program.
Here’s how each Situation works:
Situation 1 – Your Georgia Personal and Georgia business Finances Utilize a Single Account
- Georgia borrower provides Georgia Bank statements from the most recent 12 consecutive months
- Georgia borrower provides a Profit & Loss (P&L) statement prepared by a CPA or a Licensed Tax Preparer
- The expenses shown on the P&L must be reasonable considering the borrower’s type of self-employment
- The P&L will be the primary source for information to qualify the borrower
- The revenue from the P&L will be supported by the Georgia Bank statements the borrower provides
- The Georgia bank statements must reflect deposits no less than 5% of the revenue stated on the P&L
- The underwriter reserves the right to request Georgia bank statements from up to 24 consecutive months
Situation 2 – You Maintain Separate Georgia Personal and Georgia business Accounts
- No P&L Statement is required
- Only your Georgia Personal Georgia Bank statements will be considered to determine eligibility
- Borrower provides Georgia Personal Georgia Bank statements from the most recent 12 consecutive months in addition to Georgia business Georgia Bank statements from the most recent 3 months (in order to verify the maintenance of separate accounts)
- Annual deposits are averaged to determine monthly income
- The underwriter reserves the right to request Georgia Bank statements from an addition 12 consecutive months
- If an optional P&L prepared by a CPA or a Licensed Tax Preparer is provided, that will determine borrower’s monthly income
(For both Situation 1 and Situation 2, the information provided must support the size of the requested transaction. Inconsistencies may necessitate additional documentation such as tax records.)
Situation 3 – You Only Use Georgia business Georgia Bank Statements to Qualify your Loan
- Borrower provides Georgia business Georgia Bank statements from the most recent 12 consecutive months
- Borrower provides a Profit & Loss (P&L) statement prepared by a CPA or a Licensed Tax Preparer
- The Georgia business Georgia Bank statements must reflect deposits no less than 5% of the revenue stated on the P&L
(In all 3 Situations, issues such as Non-sufficient Funds (NSF) or Over-Drafts, even if so-called Overdraft Protection is utilized, may have a bearing on the underwriter’s decision. In general, a maximum of 3 NSF notices per 12 consecutive months will be allowed, whether they occurred in a single month or over the entire 12-month span. Exceptions may be allowed on a case-by-case basis, under review of the underwriting manager.)
GEORGIA BANK STATEMENT ONLY MORTGAGE LENDERS
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Serving All Cities in Georgia State
– A –
Cities in Georgia that begin with the letter “A”.
Avondale Estates, GA
– B –
Cities in Georgia that begin with the letter “B”.
Ball Ground, GA
Blue Ridge, GA
Bowdon Junction, GA
Box Springs, GA
Buena Vista, GA
– C –
Cities in Georgia that begin with the letter “C”.
Cave Spring, GA
Cedar Springs, GA
Chestnut Mountain, GA
– D –
Cities in Georgia that begin with the letter “D”.
De Soto, GA
Dewy Rose, GA
Dry Branch, GA
Du Pont, GA
– E –
Cities in Georgia that begin with the letter “E”.
East Ellijay, GA
East Point, GA
Esom Hill, GA
– F –
Cities in Georgia that begin with the letter “F”.
Flowery Branch, GA
Forest Park, GA
Fort Benning, GA
Fort Gaines, GA
Fort Oglethorpe, GA
Fort Stewart, GA
Fort Valley, GA
Franklin Springs, GA
– G –
Cities in Georgia that begin with the letter “G”.
Good Hope, GA
– H –
Cities in Georgia that begin with the letter “H”.
High Shoals, GA
Holly Springs, GA
– I –
Cities in Georgia that begin with the letter “I”.
Iron City, GA
– J –
Cities in Georgia that begin with the letter “J”.
Jekyll Island, GA
Junction City, GA
– K –
Cities in Georgia that begin with the letter “K”.
Kings Bay, GA
– L –
Cities in Georgia that begin with the letter “L”.
La Fayette, GA
Lake Park, GA
Lithia Springs, GA
Locust Grove, GA
Lookout Mountain, GA
Lumber City, GA
– M –
Cities in Georgia that begin with the letter “M”.
Marble Hill, GA
Mineral Bluff, GA
Mount Airy, GA
Mount Berry, GA
Mount Vernon, GA
Mount Zion, GA
Mountain City, GA
– N –
Cities in Georgia that begin with the letter “N”.
Norman Park, GA
– O –
Cities in Georgia that begin with the letter “O”.
Orchard Hill, GA
– P –
Cities in Georgia that begin with the letter “P”.
Peachtree City, GA
Pine Lake, GA
Pine Mountain, GA
Pine Mountain Valley, GA
Powder Springs, GA
– Q –
Cities in Georgia that begin with the letter “Q”.
– R –
Cities in Georgia that begin with the letter “R”.
Rabun Gap, GA
Ray City, GA
Red Oak, GA
Richmond Hill, GA
Rising Fawn, GA
Rock Spring, GA
Rocky Face, GA
Rocky Ford, GA
– S –
Cities in Georgia that begin with the letter “S”.
Saint George, GA
Saint Marys, GA
Saint Simons Island, GA
Sale City, GA
Sapelo Island, GA
Sautee Nacoochee, GA
Sea Island, GA
Shady Dale, GA
Silver Creek, GA
Social Circle, GA
Stone Mountain, GA
Sugar Valley, GA
Sunny Side, GA
– T –
Cities in Georgia that begin with the letter “T”.
Talking Rock, GA
Tallulah Falls, GA
The Rock, GA
Tunnel Hill, GA
Twin City, GA
Ty Ty, GA
Tybee Island, GA
– U –
Cities in Georgia that begin with the letter “U”.
Union City, GA
Union Point, GA
– V –
Cities in Georgia that begin with the letter “V”.
Villa Rica, GA
– W –
Cities in Georgia that begin with the letter “W”.
Warm Springs, GA
Warner Robins, GA
Waverly Hall, GA
West Green, GA
West Point, GA
White Oak, GA
White Plains, GA
– Y –
Cities in Georgia that begin with the letter “Y”.
Young Harris, GA
– Z –
Cities in Georgia that begin with the letter “Z”.