3 Month Business or Personal Bank Statement Loan Program
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 for First Time Home Buyers to 80% LTV with 640 credit score OK.
Asset Depletion
Asset Depletion is 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.
Loan Scenario Form – Credit Check Not Required
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 Requires Minimum 720 FICO
* Liquid Assets for Asset Depletion (does not require relocation)
* 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
Self-Employed Employment Verification (VOE)
* Business License or Business Certificate If Applicable
* CPA Letter or Equivalent Tax Professional
vInternet Company Listings
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 Scores/LTV and Credit Event Seasoning Requirement
FICO Score 740 – 90% LTV
* Housing Event Seasoning: 3+ Years
* Mortgage/Rent Lates Allowed: One 30-day Lates – Previous 12 Months
FICO Score 720 – 85% LTV
* Housing Event Seasoning: 3+ Years
* Mortgage/Rent Lates Allowed: Two 30-day Lates – Previous 12 Months
FICO Score 700 to 80% LTV
* Housing Event Seasoning: 2+ Years
* Recent Mortgage Delinquency: Two 30-day Lates – Previous 12 Months
FICO Score 680 – 75% LTV
* Housing Event Seasoning: 2+ Years
* Recent Mortgage Delinquency: Two 30-day Lates – Previous 12 Months
FICO Score 660 – 70% LTV
* Housing Event Seasoning: 1+ Years
* Recent Mortgage Delinquency
* Recent Mortgage Delinquency: 1 90-day Lates
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.