Is A Bank Statement Mortgage In Your Toolbox?
The tools you have access to should align with your relationships with referral partners and clients. If you are not equipped, then they will go somewhere else and find someone who has what they need. Make sure you have a fully stocked toolbox for a reciprocal, synergistic relationship.
WHY YOUR TOOLBOX NEEDS A BANK STATEMENT PRODUCT:
- More and more self-employed borrowers need it. We receive calls every day from brokers with an Agency fall-out situation asking us to save the deal for a self-employed client.
- Large population of self-employed people. According to the US Department of Labor, self-employed people make up 36% of the workforce which is around 18 million people. This is one reason why our Bank Statement product is one of our most highly utilized mortgage loans.
- Increased referrals! Our clients who have it in their toolbox comment that it is a quick and easy solution for self-employed borrowers who can’t qualify under Agency guidelines. They have seen their referral base increase as a result and have become the go-to expert for self-employed people.
YOU NEED THIS TOOL FOR:
- Self-employed people turned away from other lenders because tax returns do not satisfy ability-to-repay rule.
- Jumbo self-employed borrowers wanting a higher priced home.
- 1099 earners, gig workers or contractors needing to use statements instead of tax returns.
BANK STATEMENT TOOL ATTRIBUTES:
- 12 or 24 months personal or business bank statement submissions
- Loans up to $3 million
- 90% LTV with 700 credit score
- 80% LTV with 640 credit score
- Bank statement review team reviews, analyzes and calculates income
- 50% expense ratio for most loans
- Four years seasoning for foreclosure, short sale, bankruptcy or deed-in-lieu
ANGEL OAK MORTGAGE SOLUTIONS