A bank statement loan is often an excellent option for qualified self-employed borrowers. However, self-employed borrowers must choose the best loan product to help fulfill their mortgage needs.
Bank statement loans are a variety of non-qualified mortgage loans that let you qualify based on bank statements instead of tax returns. The lender will require the borrowers to provide a certain number of months' worth of bank statements to demonstrate their ability to repay the loan. This allows self-employed borrowers to access home loans, even if their taxes don't signify their total income. Bank statement mortgage programs are often a good option for self-employed individuals, business owners, and retirees who need an alternative income verification option.
1. Tailored for Increasing Business Deposits: Ideal for individuals whose business deposits have shown a steady increase over the last 12-24 months, Bank Statement Loans provide an alternative when tax returns may not fully reflect your total income. This flexibility ensures that your growing business success is considered in the loan qualification process.
2. Minimum 24 Months of Self-Employment: To qualify for this innovative mortgage solution, a minimum of 24 months of self-employment history is required. This requirement acknowledges the stability of your entrepreneurial journey and positions you for a seamless homeownership experience.
3. Available for Various Property Types: Whether you're looking to purchase a primary residence, second home, or investment property, our Bank Statement Loans offer the versatility you need to achieve your real estate goals.
4. Up to 90% Financing: Benefit from substantial financing options with up to 90% financing available. This empowers you to secure the home of your dreams with a minimal upfront investment.
5. Minimum Credit Score Requirement: 660: Our Bank Statement Loans are designed to accommodate a range of credit profiles, with a minimum credit score requirement of 660. This ensures accessibility for qualified individuals seeking an alternative income verification option.
6. Reserves Required: As part of the loan terms, reserves are required to strengthen your financial position. This not only enhances your ability to manage homeownership costs but also demonstrates financial stability to lenders.
We bring a customized, unique approach to mortgages. Our lending solutions use the perfect hybrid of human-driven insights and technical prowess to process loans faster and significantly reduce costs.
