Credit scores starting at 600
Up to 90% LTV, No MI
A Bank Statement mortgage program is the perfect option for self-employed borrowers who need an alternative method to show the true cash flow of their business. Borrowers do not have to own 100% of the business. Self-employed borrowers represent an underserved market in the mortgage industry. Our Bank Statement program provides a loan solution to help underserved credit-worthy self-employed borrowers who otherwise would not qualify for a home loan.
- Loans up to $3 million with a minimum of $150,000
- 12 or 24 months business or personal bank statements
- Two years seasoning for foreclosure, short sale, bankruptcy or deed-in-lieu
- Rates are 30-year fixed
- Two years self-employed required
- Borrowers can own as little as 50% of the business for business bank statements and 25% for personal bank statements
- Purchase and cash-out or rate-term refinance
- Owner-occupied, second homes, and non-owner occupied
- 1099 option available
- 40 year fixed interest only available
- Most loans will be qualified on an expense factor of 50%. Companies with a lower expense factor will require a statement from a third party CPA or tax preparer. (Some industries with traditionally higher expense factors will be underwritten with a 70% expense factor.)
- Non-warrantable condos allowed
- Loan amounts greater than or equal to $1,500,000, a borrower paid second appraisal must be obtained