New 12-24 Month Bank Statement Loans | Valor Lending Group
Are you interested in one of our New 12-24 Month Bank Statement Loans?
Valor Lending Group has got you covered!
12-24 month bank statement loans are a beneficial alternative option for self-employed individuals and business owners. They are a type of Non-QM mortgage loan, which allows a borrower to use their bank statements to qualify for a mortgage loan instead of using tax returns. The lender will require 12-24 months bank statements (business/personal bank statements) to prove their ability to repay the loan. This alternative way of qualifying for a mortgage loan is a major benefit for borrowers that have tax returns that don’t fully reflect all of their income.
What is a 12-24 month Bank Statement Loan?
These are not the type of loans that were prevalent in the pre-2008 financial crisis, and no longer are the days in which loan applicants can simply state their income on a loan application with virtually no due diligence conducted by the lender. After the 2008 financial crisis, the sweeping provisions of Dodd-Frank changed the industry substantially, at least in the owner-occupied residential context. Since 2010 Dodd-Frank has required lenders to document a residential borrower’s ability to repay the loan. Bank statement lenders still want to ensure borrowers can repay their mortgages; they just use bank statements to verify income as opposed to tax returns. Self-employed borrowers are able to document their ability to repay based on business deposits into their personal or business bank accounts, i.e., their true cash flow.
Bank Statement Loan 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 (must own at least 50% of the business)
- No Tax Returns
- Maximum loan amount $7.5M
- Purchase and cash-out or rate-term refinance
- 4 years seasoning for foreclosure, short sale, bankruptcy or deed-in-lieu
- Owner-occupied, 2nd homes and non-owner occupied
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
VALOR LENDING GROUP OFFERS EVERY MORTGAGE LOAN IN THE BOOK!
We look forward to serving you!
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 $1.5M
- 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)
- 10% down Jumbo’s with NO MI up to $2M
- Manufactured Housing / Mobile Homes (20% down / 600+ credit score)
- Acreage Properties
- Commercial Loans up to $500M
- 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
- High Balance Conforming aka Super Conforming
- Jumbo’s to $20M / Super low rates! / 10% down Jumbo to $2M
- FHA, USDA
- ARM’s
- Reverse mortgages up to $3M Value
- Refinance including Cash Out
**Rates and terms subject to change without notice
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