Self-Employed Borrower Bank Statement Loan Program
This mortgage program is for self-employed borrowers who write off too much on their taxes or do not do their taxes. Only your bank statements required tax returns are not.
Reserve Requirements
Flexible lenders will accept 100% of deposits to the borrower’s business, personal or commingled accounts along with an unaudited borrower prepared profit and loss statement. Borrower prepared is how it is written in the underwriter guidelines.
Non-Prime-like Guidelines
This program also allows for one 30-day mortgage late in the last 12 months and in terms of credit depth, requires only two trade lines. Qualification is based on two months bank statements or 24-month average of all deposits with no “business deductions, subtracted from bank statements with no business deductions subtracted. No other lenders will do that this makes it a little easier for a self-employed borrower to qualify for a mortgage loan. 2 months bank statements bank statement qualification guidelines are extremely lenient.
Accommodating Lender Program Guidelines
2 months bank statements are ideal for the self-employed borrower that has too many Non-Sufficient Funds (NSF) on month 3, 4, and 5. We only need two months.
12 Months or 12 Months Bank Statement Income Documentation Matrix:
| 740 Credit Score | 700 – 739 Credit Score |
|---|---|
| $4,500,000 with 12 Months Reserves to 85% LTV $4,000,000 – 9 Months Reserves to 85% LTV $3,500,000 – 9 Months Reserves to 80% LTV $3,000,000 – 6 Months Reserves to 80% LTV $2,500,000 – 6 Months Reserves to 85% LTV $2,000,000 – 4 Months Reserves to 85% LTV $2,500,000 – 4 Months Reserves to 85% LTV | $4,000,000 wand 12 Months Reserves to 85% LTV $3,500,000 – 9 Months Reserves to 85% LTV $3,000,000 – 9 Months Reserves to 80% LTV $2,500,000 – 6 Months Reserves to 80% LTV $2,000,000 – 6 Months Reserves to 85% LTV $1,500,000 – 4* Months Reserves to 85% LTV |
| 660 – 699 Credit Score | 640 – 659 Credit Score |
|---|---|
| $3,500,000 -12 Months Reserves to 80% LTV $3,000,000 – 9 Months Reserves to 80% LTV $2,500,000 – 9 Months Reserves to 75% LTV $2,000,000 – 6 Months Reserves to 75% LTV $1,500,000 – 6 Months Reserves to 80% LTV $1,000,000 – 4* Months Reserves to 80% LTV | $3,500,000 – 9 Months Reserves to 75% LTV $3,000,000 – 6 Months Reserves to 70% LTV $2,500,000 – 6 Months Reserves to 70% LTV $2,000,000 – 3 Months Reserves to 70% LTV $1,500,000 – 3 Months Reserves to 65% LTV $1,000,000 – 3 Months Reserves to 65% LTV |
| 620 – 639 Credit Score | 600 – 619 Credit Score |
|---|---|
| $2,000,000 wand 12 Months Reserves to 75% LTV $2,000,000 with 9 Months Reserves to 70% LTV $1,500,000 with 9 Months Reserves to 70% LTV $1,000,000 with 6 Months Reserves to 70% LTV $750,000 with 6 Months Reserves to 70% LTV 500,000 with 3 Months Reserves to 70% LTV | $2,000,000 wand 12 Months Reserves to 75% LTV $2,000,000 with 9 Months Reserves to 70% LTV $1,500,000 with 9 Months Reserves to 70% LTV $1,000,000 with 6 Months Reserves to 70% LTV $750,000 with 6 Months Reserves to 70% LTV $500,000 with 3 Months Reserves to 70% LTV |
| Credit Notes | Cash-Out Limits |
|---|---|
| Minimum credit score: 600 No Mortgage Lates Allowed Previous 12 months Housing Credit Event (bankruptcy, foreclosure, short sale, loan modification: 24 months Minimum Tradelines 3 Open and Active Minimum of 24 Months | Maximum LTV – 85% Loan amount > $1,500,000 Maximum LTV – 80% |
| Eligible Property Types | Eligible Occupancies |
|---|---|
| Single Family Residence Condominium (non-warrantable condominium maximum loan amount – $2,000,000) 2-4 Units – Maximum LTV – 85% | Owner-Occupied Non-Owner-Occupied Second Home |
Terms Available
* ARM’s – 5/1 LIBOR, and 7/1 LIBOR
* Fixed – 15 Year, and 30 Year
* Interest Only – Interest Only – 120 month term – Recast to 30 Year Fixed
Available in the Following States:
Alabama, Arizona, Arkansas, California, Colorado, Delaware, District of Columbia, Florida, Georgia, Idaho, Illinois, Indiana, Kansas, Kentucky, Louisiana, Maryland, Michigan, Minnesota, Mississippi, Montana, New Jersey, Nevada, North Carolina, Ohio, Oregon, Pennsylvania, South Carolina, Tennessee, Texas, Utah, Virginia, Washington, and Wisconsin.