24 Months Bank Statement Program
We recognize that homeownership should not be out of reach for borrowers who may not meet the rigorous criteria set by conventional lenders.
Our 24-Month Bank Statement loans offer ideal Non-QM solutions tailored for self-employed individuals who may face challenges in documenting their income through tax returns. To qualify for this loan, we accept the use of 24 months’ worth of both Business and Personal Bank Statements.
- Minimum down payment: 10%
- Self-prepared Profit and Loss statement (P & L)
- Self-employment history requirement: 2 years
- Seasoning requirement for Foreclosure, Short Sale, Bankruptcy, or Deed in Lieu: 2 years
- Loan range: $200,000 to $5 million
- Minimum credit score accepted: 660 (excluding multi-family properties)
- No need for tax returns
- No 4506T form required
- Consideration of Debt to Income (DTI) up to 50%
- Eligible for both owner-occupied and investment properties
- Choice of loan terms: 5/1 ARM, 7/1 ARM, or 30-year fixed
- Eligible property types: Single Family, Town Homes, Condos, Non-Warrantable Condos, and Condotels
- No reserves required when Loan-to-Value (LTV) is 65% or less
Our Bank Statement mortgage program offers an ideal choice for self-employed individuals seeking an alternative means to accurately demonstrate their business’s actual cash flow. It’s important to note that borrowers are not required to possess full ownership of the business.
Self-employed borrowers often find themselves in an undeserved niche within the mortgage industry. Our Bank Statement program aims to bridge this gap by providing a loan solution tailored to assist creditworthy self-employed individuals who may not meet the traditional criteria for home loan qualification.
