Top Rated Bank Statement Loans 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 pre-qualify/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.
Top Rated Bank Statement Loan Highlights
- 2,12, 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
- No 4506T
How do I get qualified from a Top Stated Self Employed Loan Program?
The main qualifying factor is your monthly deposits. After a discussion with a Loan Officer from Valor Lending on your personal loan scenario, they will request 2 to 24 months of personal or business bank statements. We will analyze your month income deposits and come up with a monthly income based off qualifying deposits for the number of months provided. Depending on the nature of your business or lenders default expense ratio, an amount will be deducted due to expenses. Therefore, giving you a monthly income to use for the loan and debt to income ratio.
See below for an example:
Total sum of 12 month of business bank statement deposits = $100,000
$100,000 divided by 12 (number of months used of bank statements) = $8333.33 monthly average deposit total
$8,333.33 dived by lenders default monthly 50% expense ratio = $4,166.66 is your qualifying monthly income
What do you need for submission Top Stated Self Employed Loan Program?
- 2-24 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
- Copy of your Driver License (front and back)
Other Amazing Products Valor Lending Group Can Offer:
- 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!
- Valor VA Home Loan 100% financing up to $1.5MM
- Rental Property Loan – No tax returns or DTI calculation! Based on subject property cash flow – No DSCR Coverage needed!
- Fix n’ Flip Rehab Loans (get up to 90% LTV on purchase and up to 100% rehab financing)
- 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
- Commercial Loans up to $50mm
- 3% & 5% down Conventional Loans– LPMI (Lender paid mortgage insurance)
- Foreign Nationals Loans (no social security required)
Check out more of what we offer. Check out Valor’s Mortgage News to learn more!
