3 Months Business Bank Statements or 3 Months Personal Bank Statements

Our 3 Month Program is the alternative to 6-month, 12-month and 24-month programs. We also have 1-month and 2-month options for credit scores > 700. Income combinations OK: Co-Borrower W2's + 30 days most recent paycheck stubs. Asset depletion, etc. Minimum 620 credit score required.

  • First Time Home Buyers to 80% LTV with 640 credit score OK.

Asset Depletion

Asset Depletion also available for borrowers with significant liquid reserves with good to excellent credit. Eligible liquid asset sources: Checking Accounts, Savings Accounts, Stocks, Bonds, Mutual Funds, Certificates of Deposit, Trust Accounts, Retirement, Pending Sale of Real Estate, Money Market, etc.

Mortgage Origination Technique

We qualify borrowers using techniques for both income documentation and employment documentation, in order to favorably determine the borrowers' actual qualifications. The unique 3 month loan program is for any self-employed borrower (including Sole Proprietors) that cannot qualify with the typical full 12 or 24 months of bank statements, for whatever reason. Details below:

  • Self-Employed Income and Employment Documentation

    • 3 Months Bank Statements - 620 FICO
    • Liquid Assets for Asset Depletion (does not require re-location)
    • Profit and Loss Statement Not Required
    • New IRS Form 4506-C (previously 4506-T) Not Required
  • Eligible Employment Types

    • Self Employed
    • W2 Wage Earner Co-Borrower
    • Real Estate Investor
  • Employment Verification (VOE)

    • Business License or Business Certificate If Applicable
    • CPA Letter or Equivalent Tax Professional
    • Internet Company Listings
    • Etc.
  • Loan Amounts and Reserve Requirements

    • $250,000 to $1,500,000 - 6 Months Subject Property PITIA
    • $1,500,000 to $3,000,000 - 12 Months Subject Property PITIA + 3 Months for each additional REO
    • $3,000,000 to $5,000,000 - 24 Months Subject Property PITIA + 6 Months for each additional REO
  • Loan Amounts and Cash Out

    • $250,000 - $5,000,000
    • $2,000,000 Maximum Cash Out
  • Eligible Occupancies

    • Owner Occupied
    • Owner Occupied and Investment (including Airbnb)
    • Non-Owner Occupied
  • Eligible Property Types

    • SFR - Attached and Detached
    • 2 Units
    • 4 Units
    • Condominiums
    • PUD's
  • Credit Event Seasoning Requirement

    • FICO Score 700
      • Housing Event Seasoning: 4+ Years
      • Mortgage/Rent Lates Allowed: 1 30-day Lates - Previous 12 Months
    • FICO Score 680
      • Housing Event Seasoning: 3+ Years
      • Mortgage/Rent Lates Allowed: 2 30-day Lates - Previous 12 Months
    • FICO Score 660
      • Housing Event Seasoning: 2+ Years
      • Recent Mortgage Delinquency: 2 30-day Lates - Previous 12 Months
  • FICO Score 640
      • Housing Event Seasoning: 2+ Years
      • Recent Mortgage Delinquency: 2 30-day Lates - Previous 12 Months
  • FICO Score 620
      • Housing Event Seasoning: 1+ Years
      • Recent Mortgage Delinquency
      • Recent Mortgage Delinquency: 1 90-day Late 

 

Loan Scenario Form - Credit Check Not Required

 

Available in the Following States:

Alabama, Alaska, Arizona, Arkansas, California, Colorado, Connecticut, Delaware, Florida, Georgia, Hawaii, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Mississippi, Missouri, Nevada, New Hampshire, New Jersey, New Mexico, North Carolina, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Carolina, Tennessee, Texas, Utah, Vermont, Virginia, Washington, and Wisconsin