Designed with self-employed individuals and creditworthy borrowers in mind, this program offers self-employed borrowers an alternative financing option to homeownership or property refinancing .
The Power of 12 Months’ Bank Statements:
For self-employed individuals, and those with non-traditional incomes this 12 month bank statement program allows these types of borrowers to qualify for a loan by averaging deposits over 1 year period. No other income documents are needed to prove income, it’s straight from the bank statements and deposits. We do not pay attention to what is coming out just what is coming in.
Qualifications for the Program:
12 Months Bank Statement program:
- Credit Score: A credit score of 660 or higher is required.
- Down Payment: For property purchases, a minimum down payment of 10% is necessary.
Property Purchase with 12 Months’ Bank Statements:
As mentioned above we qualify the borrower based on the deposits of their bank statements. To purchase a property we require only a 10% down payment and a max loan amount of $2.5m. We pay attention at the statements looking at deposits and any NSF or overdraft transactions. We offer programs that will allow for NSF (non-sufficient funds) fees. Those are usually not permitted or at most 3 NSFs are allowed.
Refinancing Your Property with 12 Months’ Bank Statements:
For refinance transactions, the qualifications to income is the same as the purchase transactions the only difference is the loan to values. For refi’s the LTV’s are capped at 80%
Contact us for more information about our 12-month bank statement mortgage program.
