Bank Statement MortgagesAlternative Income Documentation
Bank statement loan programs are designed to increase the buying power of the under-served, self-employed borrower Alternative Income Documentation
Bank Statement Mortgage Loans do provide self-employed borrowers (C corporations, S corporations, LLC, 1099 sole proprietors) and W-2 commission business professionals a way to buy a home or refinance an existing mortgage without producing traditional income documents. Documents such as personal tax returns, business tax returns, W-2's, paycheck stubs, award letters, rental agreements, Schedule C's, etc.
Bank statement loan programs are designed to increase the buying power of the under-served, self-employed borrower market by utilizing your Business and or Personal bank account statements to illustrate your actual business "income"/revenue. Alternative income documentation to help a reasonable underwriter substantiate the subjective criteria of the Ability-to-Repay Rule.. in lieu of traditional income documentation that is mot congruent and to your actual deposits (business and/or personal bank account).
Traditional self-employed income documentation requirements is not conducive to the common business practice of business expense write-offs. Bank Statement loan programs provide a solution to the self-employed borrower home loan mortgage finance dilemma and the answer to the unreasonable and impracticable Full Doc expectations put upon self-employed people.