Bank Statement Loans
- Loans up to $3 million with a minimum of $150,000
- 12 or 24 months business or personal bank statements
- Two years seasoning for foreclosure, short sale, bankruptcy or deed-in-lieu
- Rates are 30-year fixed
- One year self-employed required on business bank statement only
- Two years self-employed required on personal bank statement
- Borrowers can own as little as 50% of the business for business bank statements and 25% for personal bank statements
- Purchase and cash-out or rate-term refinance
- Owner-occupied, second homes, and non-owner occupied
- 1099 option available
- Profit and Loss (P&L) statements are a valid form of income verification
- 40 year interest only available
- Most loans will be qualified on an expense factor of 50%. Companies with a lower expense factor will require a statement from a third party CPA or tax preparer. (Some industries with traditionally higher expense factors will be underwritten with a 70% expense factor.)
- Loan amounts greater than or equal to $1,500,000, a borrower paid second appraisal must be obtained
- Non-permanent residents allowed
A bank statement loan is a type of mortgage that allows self-employed borrowers to verify their income based on their personal or business bank statements, rather than traditional methods like tax returns, W-2s, or paystubs. Bank statement loans are generally used by self-employed individuals, small business owners, or independent contractors. Borrowers do not have to own 100% of the business. Our Bank Statement program provides a loan solution to help underserved credit-worthy self-employed borrowers who otherwise would not qualify for a home loan.
What is the benefit to originators who use non-QM loan products?
Originators who utilize non-QM offer a service that their competition may not offer. They become an expert and go-to for the non-QM borrower. The benefit is increased referrals and business growth despite changes in the market. Continue to increase your volume each year regardless of fluctuating interest rates, tighter Agency guidelines, and a slowing refinance market.
Bank Statement Questionnaire
Our bank statement questionnaire collects some basic information on your financial history and expenses. This information will be used to help assess financial stability.