Bank Statement Loan
This loan is perfect for all of you self-employed borrowers out there! As freelance and local businesses become more popular than ever due to Covid-19, Valor and I are ready to help you get the best loan possible. Rather than 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 professionals tend to write off a large amount of income on their tax returns for the below 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.
Self employed professionals (just like everyone else) do not want to pay a ton of money in taxes so they do their best to legally write off as much as possible. With that said, just because a self employed person is savvy with their taxes does not mean they should be restricted in qualifying for a mortgage loan.
Our bank statement loan option is the solution to this problem as it gives the self employed an option to buy a home and not be forced 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.
Recap of our Loan Products:
- Hard Money Loans (20% down / minimal documentation) Typically Fund in 7-10 days.
- Stated Income Loans (Great for business owners and self employed ) No tax returns!
- 100% financing is available (we can cross collateralize other properties if there is enough equity)
- Valor VA Home Loan 100% financing up to $1.5MM
- Investor Cash Flow Loan – No tax returns or DTI calculation! Based on subject property cash flow
- Flipper & Rehab Loans (Flip a property with one of our many options)
- 2nd Position Loans up to $5mm
- Raw Land & Lot Loans
- Ground up Construction for spec homes, custom homes and commercial ground up.
- Farms, Vineyards, Ranches and Agricultural Properties (25-30% down)
- 5% down Jumbo’s with NO MI up to $2mm / 10% down up to $3mm
- Manufactured Housing / Mobile Homes (20% down / 600+ credit score)
- Acreage Properties
- Commercial Loans up to $500mm
- 3% & 5% down Conventional Loans– LPMI (Lender paid mortgage insurance)
- Foreign Nationals Loans (no social security or residency required)
We also offer:
- 10, 15, 20, 25, 30 year Fixed, Conventional Conforming Loans (under $510,400)
- High Balance Conforming aka Super Conforming (from $510,400-$765,600)
- Jumbo’s to $10 Million / Super low rates! / 10% down Jumbo to $3mm
- FHA, USDA
- ARM’s
- Reverse mortgages up to $1 Million Value
- Refinance including Cash Out
Check out our reviews here!
Allison Arraut
Mortgage Loan Officer
CA DRE #02123935
NMLS #1837360
