Bank Statement Loan
Ideal for the self-employed borrower. Instead of using tax returns, W-2s and pay stubs, our bank statement loan uses the total deposits into your bank account and calculates the income over a 12 to 24 month period. Self employed borrowers tend to write off a large amount of their income as expense on their tax returns. This can be done for a few reasons.
Firstly, they actually have all of that income put towards expenses.
Secondly, They reinvest the income back into the business for improvements
Finally, the borrower is just doing all he can to not have to pay taxes on the income that was really made.
In the end, no one wants to pay a truck load of money in taxes so they do their best to legally write off as much income as they can for tax purpose. That said, the savvy tax payer who is able to write off the majority of income to pay as little as possible in taxes shouldn’t be restricted in qualifying for a mortgage loan.
That is where the bank statement loan option comes into play and gives the self employed borrower an option to buy a home and not have to restrict their tax write offs.
This loan program is available for loans from $100,000 all the way up to Jumbo loans as high as $3,000,000 for purchase or refinance.
Our bank statement program provides the following features:
- Up to 90% LTV
- Credit scores starting at 620
- 4 years seasoning for foreclosure, short sale, bankruptcy or deed-in-lieu
- No tax returns require
- Loans up to $3 million
- Purchase and cash-out or rate-term refinance
- 2 years self-employed required (must own at least 50% of the business)
- 12 to 24 month business bank statements, 1 to 2 year 1099 only
- Owner-occupied, 2nd homes and non-owner occupied
If you would like more details on qualification and requirements, I am available to answer any questions you may have.
Call or email me for immediate attention to your scenario!
Valor Lending Group can fund your fast-hard money loan up to $10mm in as little as 7 days often without an appraisal.
Valor Lending Group also offers literally every loan in the book! Check out more information on our programs CLICK HERE and please do not hesitate to call on me for any scenarios. I look forward to an opportunity to demonstrate my prompt and professional service.
