Our Bank Statement loan for self-employed borrowers is one of our most utilized mortgage products. Many self-employed borrowers cannot qualify for a traditional mortgage using their tax returns. We allow personal or business bank statements to derive income in lieu of tax returns. We’ve helped a large number of borrowers finance properties where conventional lenders cannot help.
Here are some best practices you should know to ensure a seamless and efficient loan process. We have highlighted below the most common issues self-employed borrowers experience when submitting a Bank Statement loan.
Bank Statement Best Practices:
- We ONLY need Bank Statements. No income documents are required
- We require the most recent 12 consecutive months for each bank account
- Fico score starting at 600
- Business or personal bank accounts are acceptable. CO-mingle is OK
- Cash-out to 80% of the value of the property
- 90% financing for purchases
- Loan amounts to $5 Million
- Owner occupied, 2nd Home or Investment property
Please contact us at any time with questions or if you need further information. We are here to help with your purchase or refinance transaction! After all, there are 16 million self-employed people in the U.S. according to the U.S Bureau of Labor Statistics. We want to help you finance your property and quickly get you to the closing table.