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Bank Statement Loans – 2023

Bank Statements for all Self-Employed Borrowers

** April 2023 Updates

* Purchase, Rate/Term, and Cash Out to $12,000,000

Key Benefits Bank Statement Mortgages:

* Personal Account and Business Account(s) Bank Statements

* “Borrower Prepared” & (unaudited) P&L Only supported by most recent three months Business Bank Statements

* Additional Sources of Income Can Also be used to Increase Income Potential

* Asset Depletion accepted to supplement the applicant’s “income” and to support the borrower’s “ability to repay” | Ability-to-Repay rule

* 1099 Only: Independent Contractors, we can also utilize your 1099 either in conjunction with bank statements and/or asset depletion accounts or in lieu of. Multiple 1099’s, OK

Bank Statement Help Desk: Income Optimization

Before Underwriter Submission – Bank Statements will be analyzed for Proper Pre-Qualification and clean pre-underwrite and full underwrite by a qualified loan officer for two specific reasons:

* Maximize Dollar Amount of Qualifying Income | Buying Power

* Pre-Underwrite before lender submission so we know what we have and what to expect before taking that step to ensure the right approval and a smooth process in anticipation of correct approval conditions

Verification of Self-Employment (VOSE)

* CPA Letter containing company detail criteria

* Profit and Loss (P&L) Statement – Not Required

* Form 4506-T – Not Required

* Form 4506-C – Not Require

* Etc.

Jumbo and Super Jumbo Loan Amounts 640 Credit Score

* Maximum – $15,000,000

* Maximum Cash Out (in hand for whatever purposes) – $4,000,000

Eligible Property Types:

* SFR, 1-4 Units, Warrantable and Non-Warrantable Condominiums

Eligible Occupancies:

* Owner-occupied Primary, Owner-Occupied – Investment (borrower resides in one of the units), Non-Owner-Occupied Investment, and Business Purpose

* Gift Funds OK to 15% with 5% Borrower Contribution

Loan Scenario Form – Credit Check Not Required

Available in the Following States:

Alabama, Arizona, Arkansas, California, Colorado, Delaware, Florida, Georgia, Hawaii, Illinois, Kansas, Louisiana, Maine, Maryland, Massachusetts, Michigan, Mississippi, Missouri, Nevada, New Hampshire, New Jersey, New Mexico, North Carolina, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Carolina, Tennessee, Texas, Utah, Vermont, Virginia, Washington, and Wisconsin.

Alternative Income Documentation

Contact a Loan Officer

Non-Qualified Lending

Non-Qualified Lenders

Unconventional Lenders