Bank Statement Loan Programs for Self Employed Homebuyers
Running a business is really tough. Amongst the many sacrifices involved – sleep, hygiene, understanding words like “weekend” and “vacation” – many entrepreneurs end up reducing their own paycheck in order to re-invest back into their business.
“Starting a company is like eating glass and staring into the abyss”
– Elon Musk
Ok that bit about the glass eating may be a bit much, but the struggle and sacrifices are real. Unfortunately many major lenders lack home financing programs that recognize the realities of running a business (aka we pay ourselves last). However, Bank Statement Loans are a mortgage option offered by some lenders (ahem!) where tax returns aren’t relied on to determine income. Instead, these programs look at bank statements from the borrower AND their business to assess a borrower’s financial situation.
Yes, FINALLY someone who wants you for more than your W-2 (or lack thereof). Here’s what’s involved with our Bank Statement mortgage products:
- No Tax Returns Required – Qualify from Bank Statement Deposits.
- 2 Year Self-Employment History Required – Brief CPA Letter to Confirm.
- Personal Bank Statements: 12-24 month average deposits OR Business Bank Statements: 12-24 months average deposits
- 580 Minimum Credit Score – (this can be even lower but it’s case by case)
- Up to 90% LTV (No PMI)
- Loans up to $10 Million
- Interest Only or Principal & Interest Loans Available
- Bankruptcy CH 7 & 13, Short-Sale – No Seasoning Required
- Home types: Owner-Occupied, 2nd Homes, Investment Properties, and 1-4 Unit Multi-family (non-Warrantable Condos are OK too)
- 100% Gift Funds Allowed
- No Pre-Payment Penalties
- Required Debt Ratio – Very Flexible
- Non-US Citizens Eligible
- Fast Closings. Since, most of the loans we do for our clients, are purchase loans that were turned down by one of the big banks and are falling out of escrow…so we’re used to hustling these out.
All Final Rates, Terms, Conditions and Required Documents will be described on the Final Loan Approval & will be contained in the Final Legal Closing Documents.
If you’re ready to kick things off online, check out our simple eval process where you can choose whether you want to: get real rates specific for your scenario (beware of teaser rates!), see how much home you can afford, get pre-approved, or quickly submit your contact info so we can get back in touch.