We calculate business or personal bank statements and spit out an income that we can use to qualify a borrower for a mortgage loan. Customers’ bank statement income will be calculated and used in Underwriting. The provided income is valid for up to 90 days from the last bank statement date.
Essential Requirements for Income Calculation
- Complete business bank statements from the same account for 12/24 months
- Multiple accounts can be used for multiple businesses
- Multiple accounts can be used for the same business (transfers excluded)
- Co-mingled accounts are allowed and treated as business bank statements
- Minimum 25% ownership required for business bank statements
- Minimum 20% ownership in business required for personal bank statements
- Co-mingled accounts are allowed and treated as business bank statements
As you can see we are much dedicated to providing home loans to self-employed individuals. We can calculate the income in a matter of 24 hours and that income can be used for 90 days while you are shopping for a property, this way you know what you can qualify for.
