Product, Programs, Pricing and Service

Non-Prime Bank Statement Loan

Category: Programs We Offer
Created: 28 October 2014
Last Updated: 07 April 2021

Use Bank Statements as Income Alternative - No Tax Returns and No Form 4506-T or Form 4506-C


Bank Statement Loans:

  • 1 Month Personal Bank Statement
  • 2 Months Business Bank Statements
  • 3 Months Business or Personal Bank Statements
  • 6 Months Personal Bank Statements
  • 12 Months Personal Bank Statements 
  • 24 Months Business Bank Statements


Primary Borrower Must: be Self-Employed - W2 Co-Borrower - OK 

Self-Employed is Defined by 25% Ownership in a Company

Asset Depletion

Asset Depletion / Asset Based: (in conjunction (Blended Income) with any Full or Alt Doc program)

3 Reduced Doc Options:

  • 1 year Lite Doc
  • 1 year W2 or 1 year 1099 in lieu of the standard 2-year income history and employment history verification requirements including full Tax Returns with all Schedules
  • 4506T is executed but for only the 1 year W-2. Not the previous year.
  • 4506T is not executed for the self-employed borrower
  • Tax Returns not required
  • 1 Year Tax Returns instead of the standard 2-year requirement
  • 1 Year P&L Profit and Loss Statement
    • Borrower Prepared and Unaudited


Available Alt Doc: No Doc, Stated Income, Bank Statements, Reduced Doc, Asset Depletion, Lite Doc


Assets / Reserves:

  • 24 Months Reserves Seasoned for 3 Months or VOD Verification of Deposit


Property Types:

  • SFR Single Family Residence

  • Condominiums > 4 stories

  • Condominiums - Highrise OK

  • Townhouses

  • 1-2 Units

  • 2-4 Units

  • Duplex


Occupancies:

  • Owner Occupied

  • Second Home

  • Non-Owner Occupied


Available Terms:

  • ARM's: 3/1, 5/1, 7/1, 10/1

  • Fixed Rates: 15 Year, 20 Year, 30 Year


600 Credit Score to 80% LTV


DTI - 55%


Underwriting Notes:

  • 3 previous 30-day Mortgage Lates within Previous 12 Months OK
  • 1 60-day Previous Mortgage Late within the Last 12 Months - OK
  • Short Sale, 1 day seasoned
  • Foreclosure, 1 year seasoned
  • Bankruptcy, 1 year seasoned
  • Gift Funds for down payment OK if from an immediate family member or it must be 60 days seasoned (exceptions with other compensating factors)

 

States:

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