Self-Employed Borrower Bank Statement Loan Program

This mortgage program is for self-employed borrowers who write off too much on their taxes or don't do their taxes. Only your bank statements required tax returns are not.

Lender will accept 100% of deposits to the borrowers business, personal or commingled accounts along with an unaudited borrower prepared profit and loss statement. Borrower prepared is how it's written in the underwriter guidelines.

his program also allows for one 30 day mortgage late in the last 12 months and in terms of credit depth, requires only two trade lines. Qualification is based on a two months bank statements or 24-month average of all deposits with no "business deductions, subtracted from bank statements no business deductions subtractive which is completely nitzsche no other lenders will do that this makes it a little easier for a self-employed borrower to qualify for a mortgage loan. 2 months bank statements bank statement qualification guidelines are extremely lenient.

2 months bank statements is ideal for the self-employed borrower that has too many nsf's / ODS on month 3, 4, and 5. We only need two months, if we don't see the nsf's\od's, we don't care.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

This particular loan program is available in the following states:

Alabama, Arizona, Arkansas, California, Colorado, Deleware, District of Columbia, Florida, Georgia, Illinois, Indiana, Kentucky, Maryland, Michigan, Minnesota, Nevada, New Jersey, Oregon, Pennsylvania, South Carolina, Tennessee, Texas, Utah, Virginia, Washington, Wisconson, Wyoming. We have dozens of bank statement loans that cover all states.

Credit Scores Loan Amounts Reserves (Months) 24 Months Business or Personal
12 Months Business or Personal
Loan-to-Value (LTV) Loan-to-Value (LTV)
Purchase Cash-Out Refinance Purchase Cash-Out Refinance
700 1,500,000 4 90% 85% 85% 85%
$2,000,000 6 90% 80% 85% 85%
$2,500,000 6 85% 80% 85% 85%
$3,00,000 9 85% 70% 85% 85%
$4,00,000 12 85% 65% 85% 85%
$4,00,000 12 70% 60% 85% 85%
660 - 699 $1,500,000 4 85% 85% 85% 85%
$2,000,000 6 85% 80% 85% 85%
$2,500,000 6 85% 80% 85% 85%
$3,500,000 12 75% 65% 75% 85%
$4,000,000 12 70% 65% 70% 85%
$4,500,000 12 70% 60% 70% 60%
640 - 659 $1,500,000 4 85% 85% 85% 85%
$2,000,000 6 85% 80% 85% 80%
$3,500,000 6 85% 80% 85% 80%
620 - 639 $1,500,000 4 85% 75% 85% 85%
$2,000,000 6 85%  80% 85% 80%
$2,500,000 6 80% 80% 85% 80%
600 - 619 $1,500,000 4 85% 85% 85% 85%
$2,000,000 6 80% 80% 85% 80%
580 - 599 $1,500,000 4 80% 80% N/A N/A
$2,000,000 6 80% 75% N/A N/A

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Credit Notes

 

  • Minimum credit score: 580
  • No mortgage lates allowed previous 24 months
  • Housing credit event (bankruptcy, foreclosure, short sale, loan modification: 36 months
  • Minimum tradelines 2 open and active minimum of 12 months

Cash-Out Limit:

 

Maximum LTV - 80%

 

Loan amount > $1,500,000 Maximum LTV - 75%

 

Property Types:

  • Single Family Residence
  • Condo (non-warrantable condo maximum loan amount - $2,000,000)
  • 2-4 Units - Maximum LTV - 85%

Debt-to-Income: (DTI)

  • 55%

Terms Available

  • ARM's
    • 5/1 LIBOR
    • 7/1 LIBOR
  •  Fixed
    • 15 Year
    • 30 Year
  • Interest Only
    • Interest Only - 120 month term
  • Maximum Loan amount - 4,500,000

Reference # 541 052218 10-13-1-3