Self-Employed Bank Statement Super Jumbo loans
Borrowers utilize 12 or 24 months of business bank statements to demonstrate their Ability to Repay, eliminating the need for traditional income verification methods and potential headaches.
By focusing on bank statements to derive an income number for qualifying ratios, we ensure a smoother and more efficient application process.
Bank Statement Loan Program 640 Credit Score
Bank statement loan programs offer flexible income documentation options, ideal for self-employed individuals. Borrowers can choose from 12, 24, or 6 months of business bank statements, with the latter allowing for up to 75% loan-to-value (LTV). These programs cater to a range of needs, including first-time home buyers and investors.
This program is ideal for self-employed borrowers or those with irregular income who have experienced past financial setbacks. By offering lenient credit requirements and streamlined documentation, the non-prime 12-month bank statement loan provides a path to homeownership for individuals looking to rebuild their credit.
Bank Statement Income Documentation Options:
* 6 Months Business Bank Statements (75% LTV)
* 12 Months Business Bank Statements
* 24 Months Business Bank Statements
85% LTV Jumbo – 660 Credit Score
Specifically designed for self-employed entrepreneurs, these loans when done properly or accordingly can smooth out issues early and ultimately simplify the process.
This approach not only saves time but also reduces the paperwork burden, making it a highly convenient and time efficient option.
Whether for purchasing a high-value property or refinancing existing debt, our Self-Employed Bank Statement Super Jumbo loan program(s) and qualified Loan Officers can make it quick and easy.
With our innovative product and service team of mortgage experts, self-employed borrowers can enjoy a hassle-free application, approval, escrow experience.
12 Month Non-Prime Business Bank Statement Loan(s)
The non-prime 12-month bank statement loan program offers a flexible option for borrowers with recent credit events. Designed for those who may not qualify for traditional loans, this program requires only 12 months of bank statements for income verification. It accommodates individuals with credit challenges, including a 24-month seasoning for bankruptcy and just 12 months for foreclosure, short sale, or deed in lieu.
One feature to this bank statement loan program is a 55% debt-to-income (DTI) ratio. 100% gift funds from family members, and rent-free housing history is another one, making non-traditional mortgage financing east to qualify in a difficult loan scenario.
Investors benefit from the ability to finance unlimited Real Estate Owned (REO) properties, and non-occupant co-borrowers are allowed. Prepayment penalty options are also available, offering added flexibility for those looking to pay off their loans early.
Program Highlights:
* 50% DTI Debt-to-Income ratio
* First Time Home Buyers – OK
* 100% Gift Funds from Family Member – OK
* Rent-free housing history OK
* Prepayment penalty pricing options available
* Investors: unlimited financed REO Real Estate Owned OK
* Non-Occupant Co-Borrower – OK
Required Reserves:
* 6 Months (PITI/PITIA)
* 6 months PITI for all REO Real Estate Owned
Credit Requirements:
* Housing Event Credit Seasoning:
* * Bankruptcy – 24 Months
* * Foreclosure – 24 Months
* * Short Sale – 24 Months
* * Deed in Lieu – 24 Months
Required Credit Scores:
* 600 Minimum
* 660 to 80% LTV – $500,000 Cash Out
* 680 to 90% LTV – $1,500,000
Credit Criteria: Multiple foreclosures and short sales OK ~
Credit flexibility is a key highlight of the non-prime 24-month bank statement loan program. Borrowers with multiple foreclosures or short sales are still eligible, making this program accessible to those seeking to rebuild their financial profile while securing significant loan amounts.
Purpose / Loan-to-Value %:
* Purchase – 10% Down Payment
* Rate & Term Refinance – 90% LTV Loan-to-Value
* Cash Out Refinance – 85% LTV Loan-to-Value
Eligible Employment Types:
* Self-Employed Only
* Sole Proprietor
* Investor/ Day Trader
Eligible Property Types:
* SFR Single Family Residence
* Condos – Warrantable & Non-Warrantable
* Condotels
Eligible Occupancies:
* Owner-Occupied
* Non-Owner/Investment
* Second/Vacation Homes
Available Terms: ARM: 3, 5 and 7 Year
* 30-Year Fixed (Interest Only Available)
* 40 Year Fixed (Interest Only Available)
Available in the Following States:
Alabama, Alaska, Arizona, Arkansas, California, Colorado, Connecticut, Delaware, Florida, Georgia, Hawaii, Illinois, Kansas, Kentucky, Maine, Maryland, Massachusetts, Nevada, North Carolina, Oregon, Pennsylvania, Tennessee, Texas, Virginia, and Washington.