Our Jumbo Bank Statement Loan offers flexible financing for super jumbo Purchase Rate & Term and Cash Out Refinance transactions. Borrowers can qualify using personal or business bank statements instead of traditional tax returns, making it ideal for self-employed and high-net-worth individuals.
Jumbo Bank Statement Loan Highlights
- Purchase, R/T Refinance and Cash Out Refinance
- Maximum Cash Out – $3,000,000
- Maximum DTI 55%
Bank Statement Income Documentation
- 12 Months or 24 Months Business Bank Statements
- 12 Months or 24 Months Personal Bank Statements
- Borrower Prepared & Unaudited Profit & Loss Statement
- No IRS Form 4506-T or 4506-C Required
- Asset Depletion: Utilize Liquid Assets for Additional Qualifying Income
Eligible Borrowers
Employment Types
- Self Employed (Defined as > 25% Ownership)
Employment History
- One Year Employment History – OK “Lite Doc”
Employment Verification
- Business License (or equivalent)
- Business Formation Documents
- CPA Letter or Equivalent
Reserves Requirements
Six months For self-employed borrowers, liquid reserve requirements – business bank account OK percentage utilization allowed is equal to the percentage of ownership. – For example, 60% of the owner of the business can utilize 60% of the business bank account balance. >25% ownership required.
Eligible Liquid Assets Reference Examples:
- Checking Accounts
- Savings Accounts
- Stocks
- Bonds
- Mutual funds
- Certificates of Deposit
- Money Market Funds
- Trust Accounts
- Retirement Accounts “amount invested”
- Trade Equity
- Savings Bonds
- Trust Accounts
- Sale of Real Estate
Eligible Business Structures
- C Corporations
- S Corporation
- LLC
- Sole Proprietor
Eligible Property Types
- Single Family Residence (SFR) – Attached and Detached
- 2 Units
- 4 Units
- Condominiums
- PUDs
Eligible Occupancy Types
- Owner-Occupied
- Investment
- Second Home (Vacation)
Credit Requirements
- Minimum Credit Score: 620
- Up to 85% LTV with a 720+ Credit Score
Housing / Life Event Seasoning Requirements
- Bankruptcy: 3 Years, 2 Years with Compensating Factors
- Foreclosure: 3 Years, 2 Years with Compensating Factors
- Short Sale: 3 Years, 1 Years with Compensating Factors
- Loan Modification: 3 Years, 2 Years with Compensating Factors
Available in the Following States:
Alabama, Alaska, Arizona, California, Colorado, Delaware, Florida, Georgia, Hawaii, Illinois, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Nevada, New Jersey, North Carolina, Oklahoma, Oregon, South Carolina, Tennessee, Texas, Virginia, and Washington.
Last Updated on 2 weeks ago by Broker Mortgages