0

Bank Statement

Home / Bank Statement

Bank Statement Income

Making an income determination with 100% Personal Account Deposits and 50% Business Account Deposit (12-24 consecutive months).

BankStatement mortgage program is the perfect option for self-employed borrowers who need an alternative method to show the true cash flow of their business. Borrowers do not have to own 100% of the business. Self-employed borrowers represent an underserved market in the mortgage industry. Our Bank Statement program provides a loan solution to help underserved credit-worthy self-employed borrowers who otherwise would not qualify for a home loan.

Credit Starting at 620 Up to 90% LTV

  • Loans up to $6 million with a minimum of $150,000
  • 12 or 24 months business or personal bank statements
  • Two years seasoning for foreclosure, short sale, bankruptcy or deed-in-lieu
  • Rates are 30-year fixed
  • Two years self-employed required
  • Borrowers can own as little as 50% of the business for business bank statements and 25% for personal bank statements
  • Purchase and cash-out or rate-term refinance
  • Owner-occupied, second homes, and non-owner occupied
  • 1099 option available
  • Profit and Loss (P&L) statements are a valid form of income verification
  • 40 year interest only available
  • Most loans will be qualified on an expense factor of 50%. Companies with a lower expense factor will require a statement from a third party CPA or tax preparer. (Some industries with traditionally higher expense factors will be underwritten with a 70% expense factor.)
  • Loan amounts greater than or equal to $1,500,000, a borrower paid second appraisal must be obtained
  • Non-permanent residents allowed

Qualifying for a Self-Employed Bank Statement Loan

A unique innovative company that will allow you to:

Bank Statement Loans are utilized by self-employed professionals. including Business owners, Freelance employees, Consultants, Contract workers, Independent contractors, Sole proprietors, Online retailers, Economy workers, Realtors, Entrepreneurs and many other types of self-employed people, etc… Being self-employed it can be difficult to obtain a mortgage. The facts are that most self-employed would agree that their tax returns don’t really show their true income as many tend to write off many expenses over that a W-2 wage earner. Regardless of what you make for income, tax write-offs and deductions reduce your taxable income that can affect your debt-to-income ratios. As a result, your net taxable income (after deductions) may disqualify you for a traditional mortgage for purchasing and/or refinancing !

Program Highlights

  • Close Ended 2ND Mortgage | Standalone or Piggyback
  • 30 Year Fixed Rate, Fully Amortizing Loan
  • No Prepayment Penalty
  • Rates are 30-year fixed
  • SFH, 2-4 Unit, and Condo′s
  • Up to 90% CLTV (On Primary)
  • Up to 80% CLTV (On Investment)
  • Min 660 FICO
  • No Reserves Needed
  • Full Doc or Bank Statement Allowed!
  • Loan Amount 75k - 550k
  • Max DTI 50%
  • Property can NOT be listed for sale in last 12 months

Our Commitment

“Driven by a passion to see our clients succeed, we at Envision Lending go beyond the transaction. We’re committed to providing personalized, hands-on support to navigate the complexities of property lending. Because when you succeed, we succeed.”