Bank Statement MortgagesAlternative Income Documentation
Bank statement loan programs are designed to increase the buying power of the under-served, self-employed borrower Alternative Income Documentation
Bank Statement Mortgage Loans do provide self-employed borrowers, Corporation1099 Sole Proprietor, and W2 commission business professionals a way to buy a home or refinance an existing mortgage without producing traditional income documents. Documents such as personal tax returns, business tax returns, W2's, paycheck stubs, award letters, rental agreements, Schedule C's, etc.
Bank statement loan programs are designed to increase the buying power of the under-served, self-employed borrower market by utilizing your Business and or Personal bank account statements to illustrate your actual business "income". Alternative income documentation to help a reasonable underwriter substantiate the subjective criteria of the Ability-to-Repay Rule.. in lieu of traditional income documentation that is mot congruent and to your actual deposits (business and/or personal bank account).
Traditional self-employed income documentation requirements is not conducive to the common business practice of business expense write-offs. Bank Statement loan programs provide a solution to the self-employed borrower home loan mortgage finance dilemma and the answer to the unreasonable and impracticable Full Doc expectations put upon self-employed people.