Bank Statements for all Self-Employed Borrowers
** November 2024 Update
* 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 – $12,000,000
* 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.