12 Months Bank Statement Program
Self-employed individuals and business owners, including those with seasonal income, now have access to a range of exceptional mortgage solutions. These offerings include mortgage products that eliminate the need for traditional tax return submissions, opting instead to verify income using bank statements.
Details of the 12-Month Bank Statement Program:
- Down Payment: A minimum down payment of 20% is required.
- Profit & Loss Statement: Self-prepared Profit & Loss statements are accepted.
- Self-Employment History: A history of 2 years of self-employment is required.
- Credit History: A seasoning period of 24 months for Foreclosure, Short Sale, Bankruptcy, or Deed in Lieu is necessary.
- Loan Amount: Loans are available up to $5 million, with a minimum loan amount of $200,000.
- Credit Scores: Credit scores starting at 660 are accepted (excluding multi-family properties).
- Income Documentation: No tax returns or 4506T forms are required.
- Debt-to-Income Ratio: Debt-to-Income ratios up to 50% are considered.
- Property Types: This program applies to owner-occupied and investment properties, including Single-Family homes, Town Homes, Condos, Non-Warrantable Condos, and Condotels.
- Loan Terms: Choose from 5/1 ARM, 7/1 ARM, or 30-year fixed terms.
- Reserve Requirements: No reserves are required at 65% or less Loan-to-Value (LTV).
This program provides a flexible mortgage solution for a variety of property types, accommodating self-employed individuals with a simplified income verification process and a reasonable down payment requirement.
