Bank Statements for all Self-Employed Borrowers including 1099 Independent Contractors

Purchase, Rate/Term, and Cash Out to 4 Million

Key Benefits

  • Personal account and Business account Bank Statements

  • Asset Depletion qualification also available

  • Additional Sources of Income can also be used to increase income potential

Bank Statement Desk: Income Optimization

Before underwriter subbmission Bank statements will be analyzed for proper pre-qualification by a qualified loan officer for 2 specific reasons:

  • Maximize the dollar amount of qualifying Income

  • Pre-underwrite before lender submission so we know what we have and what to expect before taking that step to ensure the right approval and a smooth process in anticipation of correct approval conditions

Verification of Self-Employment (VOSE)

  • CPA Letter containing company detail criteria:

  • Profit and Loss (P&L) Statement - Not Required

  • Form 4506-T - Not Required

  • etc.

Jumbo and Super Jumbo Loan Amounts

  • Maximum - $15,000,000
  • Maximum Cash Out (in hand for whatever purposes) - $4,000,000

Eligible Property Types

  • SFR, 1-4 Units, Warrantable and Non-Warrantable Condominiums

Eligible Occupancies

  • Owner-occupied Primary, Owner-occupied Investment, Non-owner-occupied Investment, and Business Purpose

 

Gift Funds OK to 15% with 5% Borrower Contribution

 

States: All states except North Dakota, South Dakota, Ohio, New York