Bank Statement Loan Self Employed Borrowers
Self Employed Only – Personal or Business Bank Account Statements without form 4506-C. Bank Statement loans mean Self-Employed home loans. Moreover, Non-QM, alt doc mortgage lending represents buying power for the underserved 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.
Alternative Bank Statement 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 to 600 Credit Score
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.
Purchase, Rate & Term and Cash Out Refinance
700-720 Credit Score
Purchase to 95% LTV – $2,500,000
Rate & Term Refinance to 90% LTV – $2,000,000
Cash Out Refinance to 80% LTV – $2,000,000 | 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 – $3,000,000
Cash Out Refinance to 80% LTV – $2,500,000 | Unlimited Cash Out (cash-in-hand)
Bankruptcy, Foreclosure and Short Sale OK – 70% LTV
Previous One Year – One 30-Day (rolling lates) Mortgage / Housing Payment Lates 24 Month History Allowed
One 60-day (no rolling 60’s) Mortgage / Housing Payment Lates (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 – $3,000,000
Rate & Term Refinance to 75% LTV – $2,500,000
Cash Out Refinance to 75% LTV – $2,000,000
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
Non-Occupant Co-Borrower Allowed (max primary borrower DTI 43%)
New for 2025 – Maximum Loan Amount – $5,000,000
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, Hawaii, Idaho, Illinois, Kansas, Nevada, North Carolina, Oregon, Pennsylvania, South Carolina, Tennessee, Texas, Utah, Virginia, and Washington State.
Last Updated on 2 weeks ago by Broker Mortgages