Do you have self-employed clients that may not show enough income on their taxes?
A Bank statement loan is where they can qualify with either personal account deposits or business account deposits based on 12 or 24 consecutive months of bank statements. This program offers an option to help self-employed clients purchase a primary, secondary or investment property without having to show their tax returns.
Following criteria for a bank statement loan:
10% down min for primary residence
20% down min for second home & investment property
Must be self-employed or paid 1099
Minimum 600 FICO score
Property purchase, cash-out refinance, or rate/term refinance
Non-warrantable condos
Loan amounts up to $4 million
This material is intended solely for the use of real estate and mortgage professionals. Distribution to consumers is strictly prohibited. Program and rates are subject to change without notice. Not available in all states. Terms subject to qualification. This is not a commitment to lend. All loans are subject to borrower underwriting and credit approval. Other restrictions apply. Contact us today to learn more!
