6-Month Bank Statement Loan – 680 Credit Score
This Six-Month Bank Statement Loan program caters to borrowers with a 680 credit score or higher, designed specifically for those demonstrating substantial income growth in the recent six months. This Non-QM mortgage option provides flexibility for self-employed individuals and business owners who may not qualify through traditional income verification.
Loan Purpose Loan Amount, LTV, Credit Scores
- Purchase: $3,000,000 – 10% Down Payment – 680 Credit Score
- Purchase: $2,500,000 – 25% Down Payment – 660 Credit Score
- Refinance Rate/Term: $2,500,000 – 75% LTV – 660 Credit Score
- Refinance Cash Out: $2,000,000 – 75% LTV – 640 Credit Score
- Refinance Cash Out: $1,500,000 – 75% LTV
This Bank Statement Loan program is ideal for borrowers that have experienced significant revenue growth in the previous six months in contrast to the previous 6-24 months.
6 Month Income Documentation: Lite Doc
6 Months bank statements in lieu of conventional income documentation such as tax returns, schedule P&L Statements, W2s, paystubs, leases, etc.
Using “Lite Doc” income documentation, the program assesses recent bank statements to evaluate income, allowing borrowers to present only six months of bank activity to qualify.
Verification of Employment for 12 month history:
- Business organizational paperwork
- Business License or Equivalent
- Sellers License
Eligible Property and Occupancy Types:
- Second Homes – OK
- Debt-Service Coverage Ratio DSCR Loan Programs also available for Non-Owner Occupied only
- Townhomes
- Condominiums
- Non-Warrantable Condos
- Multi-Unit Properties (Restrictions Apply)
- Mixed-Use Properties (primarily residential)
- Owner-Occupied investment property OK
Mortgage Pre-Qualification Form – No Credit Check
Available in the Following States:
Alabama, Arizona, California, Colorado, Florida, Georgia, Hawaii, Illinois, Maryland, Massachusetts, Mississippi, Nevada, New Jersey, New Mexico, North Carolina, Oregon, Pennsylvania, Tennessee, Texas, Virginia, and Washington.
Last Updated on 3 weeks ago by Broker Mortgages