3 Months Bank Statement Program
Self-employed individuals, business owners, and those with seasonal income sources now have access to exceptional mortgage solutions. Our unique mortgage program eliminates the need for tax returns, W2 forms, or pay stubs. Instead, it allows you to substantiate your income using your bank statements. We proudly present the 3-Month Bank Statement Mortgage Program.
Details of the 3-Month Bank Statement Program:
- Down Payment: A minimum of 25% down payment is required for purchase, with a maximum loan-to-value (LTV) of 75%. For refinancing, the maximum LTV is 70%.
- Loan Amount: Loans available up to $3 million, with a minimum loan amount of $200,000.
- Eligibility: This program is exclusively for self-employed borrowers.
- Business Verification: Business must have a documented 2-year history, confirmed through a CPA Letter, Formation Articles, or Business License.
- Credit Scores: Credit scores starting at 740 are accepted.
- Income Verification: Bank transfers can be used to qualify for income.
- Credit History: No charge-offs, collections, or tax liens on your credit report.
- Income Documentation: No tax returns, W2 forms, or pay stubs are required.
- Bank Statements: 3 months of the most recent personal bank statements, with 100% of deposits considered for qualification. Additionally, 3 months of the most recent business bank statements, with 50% of deposits considered for qualification.
- Property Type: This program applies to primary residences only.
- First-Time Home Buyers: First-time home buyers are eligible.
- Reserve Funds: A 12-month reserve fund is required for purchase, and a 24-month reserve fund is necessary for cash-out refinancing.
- Rental History: A 24-month verification of current rental history is required for both purchase and refinance applications.
- Application Name Match: The mortgage application must be in the same name(s) as listed on the bank statements.
These program details highlight the key features and requirements of our 3-Month Bank Statement Program, providing a flexible mortgage solution tailored to the needs of self-employed individuals and business owners.
