NO TAX RETURNS NEEDED!
QUALIFY USING BANK STATEMENT ONLY
Self-Employed Mortgage Lenders Program Highlights Summary
- 10% Down with a 660 & 15% Down with a 600 Score!
- No tax returns Needed! Proof of 2 years self-employed!
- Owner-occupied, 2nd homes and investment properties
Loan Amounts From $150,000 to $3,000,000
12 months personal or 24 months business bank statements
Debt to income up to 50% considered
5/1 ARM or 30-year fixed
No prepayment penalty for owner-occ and 2nd homes
Seller paid closing cost allowed up to 6%
QUESTIONS AND ANSWERS
Are stated income loans gone? Stated income loans No longer exist to purchase a primary home. Today you can only qualify for a stated income loan to purchase an investment property. Since the 2010 Frank Dod federal mortgage reform requires borrowers must prove the ability to make the mortgage payments on the primary home. Today lenders prove your ability to make the mortgage payments using a history of bank statement deposits in your business or personal bank statements.
Who needs a bank statement only mortgage? Anyone seeking a mortgage to purchase or refinance real estate that is having trouble documenting their income.
How long do i have to be in business for myself to qualify for a bank statement only loan? Most lenders require you to be in business a full 24 months to prove stability. However, some lenders only require 2 months bank statements to qualify you deposits.
If i am a 1099 and write off all my income can my spouse qualify using their w2 income? YES we can use your bank statement deposit average for your income and your spouse’s w2 income.
Whats the Max Debt to income ratio for a bank statement only mortgage loan?