Self-Employed Borrowers
Bank Statement Program Business Descriptions and Information
One thing that you should know about qualifying or getting pre-qualified for a bank statement loan is the Non-QM lender will always require a Business Description upon underwriter submission or upon pre-underwrite submission. Some lenders call it a Business Narrative or Business Summary. Below are some of the typical criteria for Non-QM lender Business Narrative Letters.
Description of Business/Business Profile 2024
- Owner Name(s):
- Business Address(s):
- Business Property Type (i.e., office, home-based, warehouse, etc.):
- How many people do you have employed?
- Full Time:
- Part Time:
- Contractors:
- Percentage of Company Ownership:
- Date Organized/years in business:
Business Product(s)/ Service(s)
- Do you offer a service?
- If yes, please describe:
- Do you manufacture a product?
- If yes, please describe:
- Do you buy and then resell a product? Yes/No. If yes, please describe:
Income Documentation: Bank Statements
- Do you utilize more than one bank account for business income?
- Describe your business and provide details of how income is generated.
- Do you offer a service?
- If yes, please describe:
- Do you manufacture a product?
- If yes, please describe:
- Do you buy and then resell a product? Yes/No. If yes, please describe:
Note: This information will help your loan officer summarize your business and structure your loan. To ensure favorable results and a smooth process, certain parts of your loan should be properly qualified early in the process for easier approval conditions and better time efficiency.
Loan Scenario Form – No Credit Check
Available in the Following States:
Alabama, Arizona, California, Colorado, Connecticut, Delaware, Florida, Georgia, Illinois, Kansas, Maine, Maryland, Massachusetts, Nevada, New Hampshire, New Jersey, North Carolina, Oregon, Pennsylvania, South Carolina, Tennessee, Texas, Utah, Virginia, Washington, and Wisconsin.