BANK STATEMENT LOANS
No W2’s or Tax Returns Needed!
We offer bank statement home loans to self-employed borrowers. This is a good option if you find your income is inconsistent, your employer doesn’t issue traditional paychecks, or you are not able to qualify using W2 and tax returns due to significant tax deductions. With Bank Statement Loans, borrowers are qualified based upon their ability to repay using a 24 month average of deposits. Depending on the program, personal or business bank statements may be used.
Key Details of a BANK STATEMENT LOAN:
- Up to 90% LTV, No Mortgage Insurance
- Credit scores starting at 660
- Two years seasoning for foreclosure, short sale, bankruptcy, or deed-in-lieu
- No tax returns required
- Loans up to $3 million
- Two years self-employment required
- Up to 80% on second homes and investment properties
- Purchase and cash-out or rate-term refinance
- 12 months business bank statements (must own at least 50% of the business)
- 12 or 24 months personal bank statements (must own at least 25% of the business)