We offer 14 Bank Statement Mortgage Options ( the most programs of any
Lender in the State of Florida)
Have you been turned down by another lender because you have multiple NSF, overdrafts and bounced checks? NSF, overdrafts and bounced checks are not an issue for some of our self-employed bank statement programs. More importantly, you can obtain a Loan Pre-Approved and commitment without the drama or being turned down mid-way by institutions who limit originators with few options, strict guidelines or who are inexperienced in processing a bank statement programs. Highlights of our Bank Statement Loan Program •Up to 90% LTV using personal of business bank statments•Min $150,000 up to $10,000,000 •Business bank statements and personal bank statements permitted•Borrower does not have to be 100% owner of the business•Tax Returns or 4506 not required to qualify•No MI and No Prepayment Penalty•P&L statements NOT required on most programs•5/1 & 7/1 ARM’s or 30 year Fixed •Competitive rates starting in the 4’s •Unsurpassed funding timelines•Purchase, Rate/Term and Cash-Out Refinance•Owner-occupied, 2nd homes and investment properties •Non-warrantable condos OK •SFR, Condos, Townhouse and 2-4 Units1 day out of Bankruptcy, Foreclosure, Short Sale•Multiple bank accounts are permitted with 2 of our 14 programs•Common-sense consideration of NSFs and overdrafts•We now offer a no reserve program vs. the typical 3 to 6 monthsAbout Qualifying If you own your own business, DBA or are a self-employed contractor you know that obtaining a mortgage can be difficult. The facts are that most Self-Employed would agree that their tax returns don't really show their true income as many tend to write off many expenses over that a W-2 wage earner. Regardless of what you make for income, tax write-offs and deductions reduces your taxable income that can effect your debt-to-income ratios. As a result, your net taxable income (after deductions) disqualifies you for a traditional home purchase and/or refinancing options. The Evolution of Bank Statement Mortgage Loans After the crash of the housing market in 2008, the federal government took custodianship over Fannie Mae and Freddie Mac, the two largest lenders in the country. They were so large that if they failed, they would put thousands of homeowners out on the street, so the government stepped in While this led to many of the great loan programs that we have today, including HARP and FHA that let homeowners recover from being underwater or buy a home with less money down, they also made it far more difficult for business owners and self-employed people to buy a home. Entrepreneurs and self-employed workers were now required to prove their income by what they pay in taxes, not what they made. This has kept everyone from doctors and lawyers to real estate agents and web designers from buying a home, as they are forced to write off business expenses merely to keep their companies or practices profitable. This shows as less income made for taxes but doesn't show the true income that they make. This means that they can't buy a home that is on the proper level to what they make but instead must settle for less home or continue to rentThe Bank Statement Mortgages changed all of that. We simply use your Bank Statement Deposits to Establish a Monthly Qualifying Income: These programs are available to business owners, DBA's and 1099 independent contractors and processed by our highly experienced originators providing fast funding commitments. We only require However, you will need to prove that you have been self-employed for 24 months. Can I still get approved if I recently changed my Tax Status from W-2 to Self-Employed ? Yes ! so long as the changed occurred 12 months ago or more Acceptable Properties:Single family homes, townhomes, condos, condotels, duplex, triple or four-plex all qualify on various programs. Property usage can be as a primary residence, second home, vacation Home or rental investment properties.