Unconventional Mortgages (800) 718-8906

Unconventional Mortgages and Loans

(800) 718-8906

Unconventional Mortgages - A Wealth of Information Resource & Service: (800) 718-8906


Bank Statement Mortgage Documentation

Bank Statement Business Description for Bank Statements + 1099 Only Programs

Income and Employment Documentation

* 12 or 24 Most recent consecutive monthly bank statements. Must verify all parties on bank account(s) will be on the Note, otherwise an underwriter exception would be needed

* Most Recent 2 Months of Business Bank Statements – If No Business Account Available

Personal Bank Statements

* When using Personal Bank Statements, most recent 3 Months consecutive Business Bank Statements will be needed to illustrate revenue flow.100% of Deposits Taken for Income – Must Evidence

Activity to Support Business Operations and Reflect Transfers to Personal Account. If Deposits Are Not Evidence of Business Account Transfers, or

Business Bank Statements

* Most Recent 12 or 24 Months of Business Bank Statements. Properly qualifying your bank statements and calculating your income

* Rental Income: Schedule E or leases and bank statements showing rental income deposits

* Liquid assets for reserves and/or supplemental income if applicable

* Business Description

Verification of Employment Documents (VOE)

Business Description Letter

* Letter of Explanation Summary Letter Business Overview (Template Loan Officer).

* Borrower must supply a hand-written statement clearly describing the nature of the business and the income it generates, including an explanation of expenses and Expense Factor.

* SS89 completed by the borrower and wet-signed and dated

* CPA, Tax-Preparer, or Licensing Bureau Verifying 2-Year Self-Employment

* CPA or Tax-Preparer “Expense Ratio Letter” (when applicable), examples:

* Business Expense Statement Letter Indicates a 25% Expense Ratio, then 75% of Net Qualified Deposits Will Be Used Towards Qualified Income

* Business Must be in Existence for 2 Years, Verified Through CPA, Tax-Preparer, Licensing Bureau, or Website

* Etc.

Liquid Asset Statements:

* Checking, Savings, Money Market, COD showing source of down payment, closing costs, settlement costs, and reserves

* Cash Value Retirement Accounts,

* Cash Value Trust Fund Accounts

* Statements on Accounts Not Used for Income

Real Estate Owned (REO)

* Statements on all mortgages

* Homeowners Insurance Dec page (HOI)

* Homeowners Association Statement (HOA)

* Tax Statement (See Loan Officer)

* Purchase contract If purchase loan

* Recent Property Tax Bill

* Property Profile(s) if refinance

Available in the Following States:

Alabama, Arizona, California, Colorado, Florida, Georgia, Hawaii, Idaho, Illinois, Louisiana, Maine, Mississippi, Missouri, Nevada, New Jersey, North Carolina, Oregon, Pennsylvania, South Carolina, Tennessee, Texas, Utah, Virginia, Washington, and Wisconsin.