This option provides our borrowers with the advantages of a traditional bank statement loan but with reduced paperwork requirements.
The profit and loss statement should encompass the last 12 to 24 consecutive months and must be compiled by a licensed CPA or tax preparer with a PTIN number. The net income from the P&L will be utilized to calculate the monthly qualifying income. Additionally, 2 months of business or co-mingled bank statements are required to verify the gross revenue stated in the profit and loss statement.
- Minimum FICO of 640
- Maximum LTV of 90%
- Maximum DTI of 50%
- Loan size up to $3.5 million
- Options for purchase, cash-out, rate and term refinancing
- Available for primary residences, second homes, or investment properties
- Eligible property types include single-family homes, 2-4 unit properties, and condos
- Eligible borrowers include US citizens, permanent residents, non-permanent residents, and ITIN holders
- Interest-only and 40-year fixed term options are available
We are known for our bank statement mortgage programs. We encourage you to contact our office and speak to an experienced non-qm loan specialist who can guide you in the right direction and give you pricing as well.
