What is the Bank Statement Loan Program?

Our Bank Statement loan program offers a unique solution for Self-Employed Borrowers seeking alternative methods to document their income. With simplified calculations and flexible requirements, this program is tailored to help self-employed individuals secure financing without the need for traditional income verification.

Overview:

Calculation handling provided
12 or 24 months Bank Statements required
Business – 50% expense factor or expense letter | Personal – 0% expense factor
Available for Primary, Second Home, and Investments
Applicable for Self-Employed individuals (including 1099 borrowers)
Up to 90% Loan-to-Value (LTV) (Condo properties included)
Options for Purchase, Rate/Term, and Cash-Out refinancing
Accepted property types: SFR, PUD, Condos, and Townhomes
Second Appraisal required for loan amounts exceeding $2 million
80% LTV Cash-Out allowed
6% Seller Assistance permissible
Minimum Credit Score of 620
3 Months Reserves required
1 day out of Bankruptcy, Foreclosure, and 1×120 allowed

Key Features:

Loans up to $3 million with a minimum of $150,000
12 or 24 months business or personal bank statements required
Two years seasoning accepted for foreclosure, short sale, bankruptcy, or deed-in-lieu
30-year fixed rates available
One year of self-employment history required
Options for Purchase, Cash-Out, or Rate-Term Refinance
Owner-occupied, second homes, and owner-occupied 1099 options available
40-year interest-only option
Non-permanent residents permitted

Experience a simplified and efficient way to secure financing as a self-employed borrower through our Bank Statement Loan Program. Contact us today to learn more and explore how this program can provide a viable solution tailored to your unique financial circumstances.