There are 15 million Americans that are self-employed. Frequently, self-employed owned businesses have much more aggressive tax strategies than what is allowed W-2 employees. The result is that self-employed borrowers, often are unable to document their income through tax returns, but can document their income through deposits into their personal or business bank statements. While Non-Qualified and Non-Agency loan programs are constantly evolving please reference the below guidelines to assist you in determining if a Bank Statement Loan program is right for you:
Bank Statement Loan Program Guideline Overview
| 24 months business bank statements to 90% Loan-To-Value w/ no Mortgage Insurance
| Document self-employed for 2 years |
| 24 Months of Business Bank Statements |
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| 12-month personal bank statements to 90% Loan-To-Value w/ no Mortgage Insurance
| Document self-employed for 2 years |
| Use 100% of deposits |
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| Third party prepared expense statement required |
| 2 years waiting period after a bankruptcy, foreclosure, short sale, or deed-in-lieu |
| No tax returns/transcripts required |
| Debt-To-Income above 35/43 considered with 660+ credit scores |
| Loans up to $3 million (minimum loan $150,000) |
| Credit scores starting at 620 (no multi-family properties) |
| First-time homebuyers allowed (subject to additional guidelines) |