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BANK STATEMENT LOAN PROGRAM FOR SELF-EMPLOYED BORROWERS
Learn More About Bank Statement Mortgage for Self-Employed BorrowersMany people who are business owners or receive a 1099 may agree that their tax returns don't really show their true income and tend to write off many expenses that a salaried or W2 employee is not able to do. As a result, your net income (after deductions) on your tax returns may not qualify for a traditional mortgage. With the Bank Statement Loan program, your income is not reduced by tax deductions and available to 1099 Contractors, Sole proprietors, Professional Associations, Corporations, LLC’s, and W-2 wage earners who recently changed their tax status to 1099 Self-Employed for 12 months or more with some exceptions on a case-by-case basis. Key Advantages for Bank Statement Mortgage LoansThe bank statement mortgage is an alternative income solution offered to help self-employed borrowers qualify for a mortgage without Tax Returns or IRS 4506-T verification and offers No Pre-Payment Penalty and No PMI. 12-Month Bank Statement Loan Program - PersonalBorrower(s) can provide your most recent 12 months of personal bank statements. You will need to prove that you have been self-employed for 24 monthsMinimum Credit Scores Needed for 12 MonthLoans Up to 85% LTV for 700+ FICO Loans Up to 80% LTV for 620+ FICO 24-Month Program – Personal/Business Borrower(s) will need to furnish 24 months of bank statements (personal or business) dating back from the last statement received. Loans Up to 90% LTV for 700+ FICO Loans Up to 85% LTV for 650+ FICO Loans Up to 80% LTV for 600+ FICO Loans Up to 75% LTV for 550+ FICO 1-Month ProgramThe 1-month program only allows personal bank statements to be used. Your middle credit score should be 720 or higher and minimum down payment of 30%. You must be 1099 self-employed, have a clear credit/payment history and have owned real estate in your name within the last three years. Reserves:Some reserves are required depending on which program you select. The reserve requirement is not tied to the mortgage itself, but rather provides confirmation to underwriting that you have alternative funds available to cover the mortgage payment for a specific period of time in the unlikely event of a financial hardshipAcceptable Properties and UsageSingle family homes, townhomes, condos, condotel, duplex, triple or four-plex all qualify on various programs. Property usage can be as a primary residence, second home, or rental property.
For Self-Employed, DBA’s, Sole Proprietors, Corporations, 1099 Independent Contractors and W-2 Wage Earners
“We offer programs with 1 day out of a recent mortgage events like Bankruptcy, Foreclosure and Short Sale”