Bank Statement Loan | Self Employed Borrowers *Forms 4506-T or 4506-C Not Required*
Self Employed Only - Personal or Business Bank Account Statements. Bank Statement loans mean Self-Employed home loans. Moreover, non-qm, alt doc mortgage lending represents buying power for the underadvantaged self-employed, home buyer. We will utilize gross monthly deposits minus the appropriate industry specific and business model sensitive expense (ratio) factor to represent a qualified income dollar amount number for purposes such as debt to income (DTI) ratio, max loan amounts / max LTV's, etc.
Bank Statement Alternative Income Documentation Loan
Personal bank statements can be used and utilized as business bank statements for qualifying purposes, and is a great way for independent contractors to buy their first home or their tenth home. All pages required (except processed checks) for all months.
Non-Prime Bank Statement Loans
As an alternative to common bank statement loans, borrowers can utilize their most recent and consecutive two (2) months, three (3) months, six (6) months, twelve (12), or twenty four (24) months of borrowers personal and or business bank statements to show income or show an ability to repay the loan and without the requirement of traditional income documents. This lender will go down to a 600 credit score. Also allows for previous bankruptcies, foreclosures, and short sales with LTV reductions where applicable.This Non-Prime income documentation program option is for an owner-occupied purchase, refinance and or cash out loan, including multiunit, investment properties..
Asset Depletion Income Loans and Income Supplementation
For the home buyer or the investment property investor, 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" or "Asset-Utilization" programs and techniques. 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.
Loan Purpose: Purchase, Rate & Term and Cash Out Refinance
700-720 Credit Score
- Purchase to 95% LTV - $2,500,000
- Rate & Term Refinance to 90% LTV - $2,250,000
- Cash Out Refinance to 85% LTV - $2,500,000 | Unlimited Cash Out (cash-in-hand)
- Bankruptcy, Foreclosure and Short Sale OK - 80% LTV
- 640 Middle Mortgage Credit Score (MMCS) up to 85% LTV
680-699 Credit Score
- Purchase to 90% LTV - $3,500,000
- Rate & Term Refinance to 85% LTV - $3,250,000
- Cash Out Refinance to 80% LTV - $3,000,000 | Unlimited Cash Out (cash-in-hand)
- Bankruptcy, Foreclosure and Short Sale OK - 75% LTV
- Previous one year - One 30-day (rolling lates) Mortgage / Housing Payment Late's 24 Month History Allowed & One 60-day (no rolling 60's) Mortgage / Housing Payment Late's (rolling lates) Allowed
660-679 Credit Score
- Purchase to 90% LTV - $3,500,000
- Rate & Term Refinance to 85% LTV - $3,000,000
- Cash Out Refinance to 80% LTV - $2,750,000
- Bankruptcy, Foreclosure and Short Sale OK - 70% LTV
- Previous one year - One 30-day mortgage late allowed
640-659 Credit Score
- Purchase to 85% LTV - $3,000,000
- Rate & Term Refinance to 85% LTV - $2,750,000
- Cash Out Refinance to 80% LTV - $2,500,000
- Bankruptcy, Foreclosure and Short Sale OK - 65% LTV
- Previous one year - One 30-day mortgage late allowed
620-639 Credit Score
- Purchase to 80% LTV - $2,750,000
- Rate & Term Refinance to 85% LTV - $2,500,000
- Cash Out Refinance to 75% LTV - $2,250,000
- Bankruptcy, Foreclosure and Short Sale OK - 65% LTV
- Previous one year - one 30-day mortgage late allowed
Non-Prime Bank Statement Options
600-619 Credit Score
- Purchase to 75% LTV - $2,500,000
- Rate & Term Refinance to 80% LTV - $2,250,000
- Cash Out Refinance to 75% LTV - $2,000,000
- Bankruptcy, Foreclosure and Short Sale OK - 60% LTV
- Previous one year - 30-day mortgage lates allowed. No 60-day lates
580-599 Credit Score
- Purchase to 70% LTV - $2,250,000
- Rate & Term Refinance to 70% LTV - $2,000,000
- Cash Out Refinance to 65% LTV - $1,500,000
- Bankruptcy, Foreclosure and Short Sale OK - 55% ltv
- Previous one year - 60-day mortgage lates allowed. No 90-day lates
560-579 Credit Score
- Purchase to 80% LTV - $2,000,000
- Rate & Term Refinance to 75% LTV - $1,500,000
- Cash Out Refinance to 75% LTV - $1,000,000
- Bankruptcy, Foreclosure and Short Sale OK - 50% LTV
- Previous one year - 90-day mortgage lates allowed. No 120-day lates
Underwriting Notes and Highlights
- Non-Owner and Second Home OK
- New for 2022 - Maximum Loan Amount - $4,000,000
- 2-4 Units, Condos, Townhouses, rural and condotels OK
- First Time Homebuyer OK
- Non-Occupant Co-Borrower OK (case by case basis
Available in the Following States:
Arizona, California, Colorado, Florida, Georgia, Idaho, North Carolina, Oregon, Texas, Utah, Virginia, Washington State
Reference - 139 526020315