Introducing the advantages of a bank statement loan! With this type of loan, you can enjoy several benefits that make it a great option for many borrowers.
Firstly, unlike traditional loans, you won’t need to provide your tax returns or tax transcripts, simplifying the application process. Instead, your income statements will be based on regular monthly deposits, making it easier to demonstrate your ability to repay the loan.
Additionally, bank statement lenders typically allow you to provide 12 or 24-month bank statements, giving you more flexibility. If you own a business, you can even show 12-24 months of P&L statements, although this may not be required for all business owners.
Another advantage is the lower down payment requirement, with some bank statement loans available for as little as 10 percent down. You also have the option for a cash-out refinance loan of up to 80 percent of your property’s value, allowing you to access additional funds if needed.
Furthermore, bank statement loans can be as high as $5 million, providing ample financing options. We typically accept a maximum debt-to-income ratio of 50 percent, giving you more leeway in your financial situation.
Lastly, you can choose between a fixed-rate or adjustable mortgage, depending on your preferences. We even offer the option for an interest-only mortgage. With all these advantages, a bank statement loan can be a fantastic choice for your mortgage needs.
Our loan officers are experienced at explaining and financing borrowers who don’t have the conventional way of calculating income that’s why this program is designed specifically for those borrowers who need creative financing. Contact us via email or phone or fill out a Quote form and we’ll contact you within an hour.
