12-Month & 24-Month Bank Statement Loan Program
This Non-QM mortgage program offers competitive or larger loan amounts, flexible (manual) underwriting, and Interest-Only (30-year and 40-Year fixed) payment options for qualified applicants wit a minimum middle credit score of 640. Whether you’re purchasing a primary residence, refinancing an existing mortgage to improve your rate and or term, or taking cash out, this option might be a good fit for you!
12-Month vs. 24-Month Bank Statement Loan
Our 12-Month and 24-Month Bank Statement Loan Program is for anyone self-employed borrowers, that is but not limited to business owners, independent contractors, investors, real estate investors, and other professionals whose tax returns may not accurately reflect their true income. Instead of being limited to traditional income documentation, qualified borrowers can get away with using eligible personal or business bank statements to show their ability to repay.
Loan Program Highlights
- Up to 80% LTV
- Purchase Loans: $3,000,000 (660+ Credit Score, 6 Months Reserves)
- Cash-Out Refinance: $2,500,000 (680+ Credit Score, 6 Months Reserves)
Interest-Only Available for Owner-Occupied / Primary Residences
Qualified borrowers can finance the purchase of a home or refinance an existing mortgage with competitive loan-to-value ratios based on credit score and loan amount. The following guidelines outline the maximum financing available for owner-occupied primary residences.
Owner-Occupied / Primary Residence:
Purchase & Rate/Term Refinance Highlights
- 640 Credit Score: 75% LTV – $1,500,000
- 660 Credit Score: 80% LTV – $2,000,000
- 680 Credit Score: 85% LTV – $2,500,000
- 700 Credit Score: 90% LTV – $3,000,000
A cash-out refinance allows eligible homeowners to convert home equity into cash while replacing their current mortgage. Loan eligibility is based on occupancy, credit profile, available equity, and the overall strength of the loan file. If you don’t want to refinance your first mortgage, see: Alt doc second mortgage options.
Cash Out Refinance Highlights
- 640 Credit Score: 70% LTV – $1,000,000
- 660 Credit Score: 75% LTV – $2,000,000
- 680 Credit Score: 75% LTV – $1,500,000
- 700 Credit Score: 70% LTV – $2,500,000
Borrowers purchasing or refinancing a second home may also qualify. Financing limits and maximum LTVs vary by credit score, occupancy, and transaction type.
Second Home Loan Highlights
- 660 Credit Score: 75% LTV – $1,500,000
- 680 Credit Score: 75% LTV – $2,000,000
- 700 Credit Score: 85% LTV – $1,500,000
- 700 Credit Score: 90% LTV – $2,500,000
Second Home Cash-Out Refinance
- 700 Credit Score: 65% LTV – $1,500,000
- 720 Credit Score: 60% LTV – $2,500,000
Non-Owner Occupied / Investment Property:
Purchase & Rate/Term Refinance
- 660 Credit Score: 65% LTV – $1,500,000
- 680 Credit Score: 70% LTV – $1,500,000
- 700 Credit Score: 65% LTV – $1,500,000
- 720 Credit Score: 70% LTV – $2,000,000
Cash-Out Refinance Notes
- Maximum Cash-Out: 55% of Total Loan Amount (up to 75% LTV)
- LTV < 55%: Unlimited cash-out
- Florida Condos: 55% LTV Maximum
Interest-Only Payment Feature: Available up to 80% LTV
Borrowers must meet liquid reserve requirements. Eligible funds may include personal accounts, certain business assets, and other qualifying liquid investments, subject to program guidelines.
Liquid Asset and Reserve Requirements
- Full assets required for both down payment and closing costs)
- Business bank account funds can be used as reserves if the borrower is 100% owner
Certain investment and retirement assets may be considered when evaluating financial strength and reserve requirements. Eligible assets are discounted based on liquidity and market risk, as outlined below.
Eligible Assets (Asset Utilization)
- Stocks, Bonds, Mutual Funds: 75% considered
- Retirement Funds (Invested): 65% considered
- Gift of Equity, not allowed
Documentation Requirements
- Credit Report: Must be less than 90 days old at closing)
- Income & Assets: Must be less than 90 days old at closing
Available States
Alabama, Arizona, California, Colorado, Delaware, Florida, Georgia, Illinois, Iowa, Kansas, Maine, Maryland, Massachusetts, Nevada, New Jersey, North Carolina, Oregon, Pennsylvania, Rhode Island, South Carolina, Tennessee, Texas, Utah, Virginia, and Washington.
Last Updated on 3 weeks ago by Broker Mortgages