Best Self Employed Purchase or Refinance Loan Programs are for business owners and contractors who are not able to disclose certain information on their yearly tax return or that are very aggressive on their tax strategies. 12 to 24 month personal or business bank statements is all we need to prequalify/verify your income. Its that simple! This program is made for self employed or 1099 Independent Contractors who is buying their forever home, refinancing rate/term, or pulling out equity from primary or investment property.
How do you use your bank statements to qualify for your Dream home – all you need to do is provide your 12-24 months (business or personal) bank statements with a CPA letter for income qualification!!
Latest Valor Stated Income Loans allow self-employed borrowers to qualify based on the number of deposits into their bank account, where the cash flow is sufficient to cover the new mortgage payment and all other debts.
Stated Income loans are best for investors and business owners who write off a majority of their income on yearly taxes (as we all do) and need an alternate way of qualifying their income to purchase an investment or owner-occupied 1-4 unit property.
Why Use Stated Income Loans?
1) The Difference
Traditional mortgage lenders require tax returns, W-2s, and paycheck stubs in order to determine monthly income. For salaried and hourly borrowers, the lenders look at gross income for qualifying purposes. But for self-employed borrowers, traditional mortgage lenders look at net income, the adjusted gross income showing on tax returns. This puts self-employed borrowers at a disadvantage because the typical self-employed or 1099 employee will write off as much expense as possible from their gross income on their tax returns to minimize how much they owe once tax season comes around.
Stated Income Program Highlights:
- 12 and 24 month Bank Statement options available
- Up to 90% LTV (on Purchases & R/T Refinances)
- Borrower and Lender paid points available
- Must have 2 years verifiable self employment income
- No Tax Returns
What you would need for submission
- 12-24 Months Bank Statements (business or personal)
- Copy of Business License (3 years)
- CPA Letter (stating you are 100% owner, you have been in business for 2 years and they have done your taxes for two years | Also list your current expense ratio and the CPA License Number)
- Purchase Contract (for purchase)
- Current Mortgage Statement (for refinance)
- Hazard Insurance Dec Page or New Quote for purchase
- Driver License (front and back)
Recap of our Loan Products:
- Stated Income Loans (No Tax Returns, no W-2s, No P&L) up to $3M
- Bank Statement Income Loans (Great Bank Statement Programs for business owners and self-employed)
- Hard Money Loans (As low as 20% down / minimal documentation) Fund in 7-10 days
- Flipper Loans (Flip a property with one of our many options) up to 90% leverage
- Commercial Line of Credit
- 100% Financing (cross collateralize- hard money)
- Foreign Nationals Loans (no social security or residency required)
- Raw Land & Lot Loans
- Ground up Construction for spec homes, custom homes and commercial ground up to $500M
- 2nd Position Loans up to $5M
- Rental Property Loan – No tax returns or DTI calculation! Based on subject property cash flow
- Farms, Vineyards, Ranches and Agricultural Properties (20-30% down)
- 10% down Jumbo’s with NO MI up to $1.5M
- Manufactured Housing / Mobile Homes (20% down / 620+ credit score)
- Acreage Properties
- Commercial Loans up to $500M
- 5% down Jumbo (Up to $2M Lender paid PMI)
Request a Quote Now
We are Non-QM Specialists! No tax returns! We use 12-24 months bank statement cash flow for self-employed borrowers and business owners.
CALL ME NOW for immediate attention to your scenario.
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