02/03/2015
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Bank Statement Loans for Self Employed Borrowers
Whether you’re purchasing your first home or expanding your real estate portfolio, these loans adapt to your income profile and make your homeownership goals achievable.
Bank statement loans are a game-changer for self-employed individuals seeking home financing. These loans allow the use of personal or business bank account statements to qualify, bypassing traditional income verification requirements.
For self-employed homebuyers, Non-QM mortgage lending provides flexibility. Alt-doc loans empower those with unique income structures, offering a straightforward path to homeownership. This option is ideal for freelancers, entrepreneurs, and small business owners who may not meet conventional lending criteria.
We will utilize gross monthly deposits minus the appropriate industry specific and business model sensitive expense (ratio) factor to represent a qualified income dollar amount number for purposes such as debt to income (DTI) ratio, max loan amounts / max LTVs, etc. *Personal bank statements can be used and utilized as business bank statements for qualifying purposes, and is a great way for independent contractors to buy their first home or their tenth home. All pages required (except processed checks) for all months.
Non-Prime Bank Statement Loans
As an alternative to common bank statement loans, borrowers can utilize their most recent and consecutive two (2) months, three (3) months, six (6) months, twelve (12), or twenty four (24) months of borrowers personal and or business bank statements to show income or show an ability to repay the loan and without the requirement of traditional income documents. This lender will go down to a 600 credit score. Also allows for previous bankruptcies, foreclosures, and short sales with LTV reductions where applicable.
This Non-Prime income documentation program option is for an owner-occupied purchase, refinance and or cash out loan, including multiunit, investment properties.
Asset Depletion Income Loans and Income Supplementation
For the home buyer or the investment property investor, including non-owner occupied and Second Home as well as multi-unit business loans, this lender has an additional income documentation program, the “asset depletion” or “Asset-Utilization” programs and techniques. Borrowers with verifiable cash or other liquid assets may use those assets to qualify with a Letter of Explanation defining the source and contemplated depletion of these assets over the course of the loan term to pay obligations.
Loan Purpose: Purchase, Rate & Term and Cash Out Refinance
740 Credit Score:
* Purchase to 95% LTV – $2,500,000
* Rate & Term Refinance to 90% LTV – $2,500,000
* Cash Out Refinance to 85% LTV – $2,500,000 *Unlimited Cash Out (cash-in-hand)
* Bankruptcy, Foreclosure and Short Sale OK – 80% LTV
* 640 Middle Mortgage Credit Score (MMCS) up to 85% LTV
700-739 Credit Score:
* Purchase to 90% LTV – $3,500,000
* Rate & Term Refinance to 90% LTV – $3,000,000
* Cash Out Refinance to 85% LTV – $2,500,000 *Unlimited Cash Out (cash-in-hand)
* Bankruptcy, Foreclosure and Short Sale OK – 80% LTV
* 640 Middle Mortgage Credit Score (MMCS) up to 85% LTV
680-699 Credit Score:
* Purchase to 90% LTV – $3,500,000
* Rate & Term Refinance to 85% LTV – $3,250,000
* Cash Out Refinance to 80% LTV – $3,000,000 | Unlimited Cash Out (cash-in-hand)
* Bankruptcy, Foreclosure and Short Sale OK – 75% LTV
* Previous one year – One 30-day rolling lates (consecutive) Mortgage / Housing Payment Lates 24 Month History
* Allowed & One 60-day (no rolling 60’s) Mortgage / Housing Payment Lates (rolling lates) Allowed
660-679 Credit Score:
* Purchase to 90% LTV – $3,250,000
* Rate & Term Refinance to 85% LTV – $3,000,000
* Cash Out Refinance to 80% LTV – $2,750,000
* Bankruptcy, Foreclosure and Short Sale OK – 70% LTV
* Twelve Months – Personal Account
* Previous one year – One 30-day mortgage late allowed
640-659 Credit Score:
* Purchase to 85% LTV – $3,000,000
* Rate & Term Refinance to 85% LTV – $2,750,000
* Cash Out Refinance to 80% LTV – $2,500,000
* Bankruptcy, Foreclosure and Short Sale OK – 65% LTV
* Twelve Months – Personal Account
* Previous one year – One 30-day mortgage late allowed
620-639 Credit Score:
* Purchase to 80% LTV – $2,750,000
* Rate & Term Refinance to 85% LTV – $2,500,000
* Cash Out Refinance to 75% LTV – $2,250,000
* Bankruptcy, Foreclosure and Short Sale OK – 65% LTV
* Previous one year – One 30-day mortgage late allowed
Non-Prime Bank Statement Credit Score Options
600-619 Credit Score:
* Purchase to 75% LTV – $2,500,000
* Rate & Term Refinance to 80% LTV – $2,250,000
* Cash Out Refinance to 75% LTV – $2,000,000
* Bankruptcy, Foreclosure and Short Sale OK – 60% LTV
* Previous one year – 30-day mortgage lates allowed. No 60-day lates
580-599 Credit Score:
* Purchase to 70% LTV – $2,500,000
* Rate & Term Refinance to 70% LTV – $2,000,000
* Cash Out Refinance to 65% LTV – $1,500,000
* Bankruptcy, Foreclosure and Short Sale OK – 55% LTV
* Previous one year – 60-day mortgage lates allowed. No 90-day lates
560-579 Credit Score:
* Purchase to 80% LTV – $2,000,000
* Rate & Term Refinance to 75% LTV – $1,500,000
* Cash Out Refinance to 75% LTV – $1,000,000
* Bankruptcy, Foreclosure and Short Sale OK – 50% LTV
* Previous one year – 90-day mortgage lates allowed. No 120-day lates
Underwriting Notes and Highlights:
Non-Owner and Second Home OK
New for 2025 – Maximum Loan Amount – $5,000,000
2-4 Units, Condos, Townhouses, rural and condotels OK
First Time Homebuyer OK
Non-Occupant Co-Borrower OK (case by case basis
Available in the Following States:
Arizona, California, Colorado, Florida, Georgia, Hawaii, Idaho, Illinois, Kansas, Maine, North Carolina, Oregon, Texas, Tennessee, Utah, Virginia Washington, and Wisconsin.
Reference – 139 526020315
