Bank Statement Loan for Self Employed Borrowers

January 2018

Bank Statement Income Loan

Self Employed Only - Personal or Business Bank Statements.

Bank Statement loan means to utilize 12 or 24 months of borrower personal and or business bank statements to show income in lieu of traditional income documents. This income documentation option is for the owner-occupied purchase, refinance and or cash out loan.

This lender requires 24 months and will utilize gross monthly deposit amounts to represent gross income. Personal bank statements can be used as business bank statements. All pages required (except processed checks) for all months.

Asset Depletion Income Loan

For the investment property buyer, including non-owner occupied and Second Home as well as multi-unit business loans, this lender has an additional income documentation program, the "asset depletion" program. Borrowers with verifiable cash or other liquid assets may use those assets to qualify with a Letter of Explanation defining the source and contemplated depletion of these assets over the course of the loan term to pay obligations.

This lender will go down to a 500 credit score. Also allows for previous bankruptcies, foreclosures, and short sales.

Purpose:

Purchase, Rate & Term and Cash Out Refinance

700 Credit Score

Purchase to 90% LTV

Rate & Term Refinance to 85% LTV

Cash Out Refinance to 80% LTV

Previous one year- no mortgage lates allowed

Bankruptcy, Foreclosure and Short Sale OK

 

 

 

 

 

 

 

 

650 Credit Score

Purchase to 85% LTV

Rate & Term Refinance to 85% LTV

Cash Out Refinance to 80% LTV

Bankruptcy, Foreclosure and Short Sale OK

Previous one year - one 30 day mortgage late allowed

 

 

 

 

 

 

 

 

600 Credit Score

Purchase to 80% LTV

Rate & Term Refinance to 75% LTV

Cash Out Refinance to 70% LTV

Bankruptcy, Foreclosure and Short Sale OK

Previous one year - 30 day mortgage lates allowed. No 60 day lates

 

 

 

 

 

 

 

 

550 Credit Score

Purchase to 70% LTV

Rate & Term Refinance to 70% LTV

Cash Out Refinance to 65% LTV

Bankruptcy, Foreclosure and Short Sale OK

Previous one year - 60 day mortgage lates allowed. No 90 day lates

 

 

 

 

 

 

 

 

500 Credit Score

Purchase to 80% LTV

Rate & Term Refinance to 75% LTV

Cash Out Refinance to 75% LTV

Bankruptcy, Foreclosure and Short Sale OK

Previous one year - 90-day mortgage lates allowed. No 120-day lates

 

 

 

 

 

 

 

Underwriting Notes:

Non Owner and Second Home OK

Maximum Loan Amount $2,000,000

2-4 Units, Condos, Townhouses, rural and condotels OK

First Time Homebuyer OK

Non-Occupant Co-Borrower OK (case by case basis

 

States: Arizona, California, Colorado, Florida, Georgia, Idaho, North Carolina, Oregon, Texas, Utah, Virginia, Washington State

 

Reference - 139 526020315

Mortgage brokers/lenders perform acts for which a real estate license is required.