24 Month Georgia Bank Statement Lenders

24 Month Georgia Bank Statement Lenders

Self Employed Bank Statement Only Georgia Mortgage Lenders For Purchase | Rate/Term refi | Cash Out refinance!

Georgia Mortgage Lenders offers a 24-Month Bank Statement Loan Program.

Georgia Bank Statement Only Mortgage Lenders For Self Employed Borrowers

• Min FICO 600
• Loan Amount $100K to $3M
• Max cash out $1.5M
• Bank statements with or without asset amortization
• W-2 co-borrower ok
• W2 co-borrower income and employment traditionally verified
• Personal or business statements
• DTI up to 50% (see Qualifying Rate and Ratios)
• P&L statement required if business & personal accounts are combined
• Statements for the most recent 12-month period required
• Assets must be fully documented
• Retirement income is usable with verification (1099, award letter, etc.)

SAME DAY PRE APPROVALS!

Georgia Bank Statement Only Borrower Employment Types:

• Self Employed – Must provide business license, Tax Preparer’s letter or corporate paperwork.

Georgia Bank Statement Only mortgage lenders will accept either

• Personal

or

• Business Bank Statements.

Georgia Bank Statement Mortgage Lenders, qualifying income will be calculated differently depending on if your using a business or personal bank statement.

 HOW IS INCOME CALUCUATED FOR BUSINESS VRS PERSONAL BANK STATEMENTS?

Personal Bank Statements: You can Use 100% of Deposits as qualifying income!

Add all deposits for all 24 months and divide that amount by 24 to receive the monthly income amount

Ex. 24 months deposits total = $200,000 / 24 = $8,333 a month income.

3 Options To Calculate Qualifying Income For Business Bank Statements:

1. 50% of Deposits
2. Up To 90% Profit and Loss signed by accountant.
3. Business expenses ratio Letter Signed by Accountant

Add all Business bank statement deposits for all 24 months, take the total number, and then divide by 24 to receive the monthly income amount we will give to the borrower.

Ex. 24-month deposit total = $500,000 / 2 = $250,000 / 24 = $10,333 a month income.

Purchase | Rate/Term refi | Cash Out refi

For high net worth or self employed borrowers, the AltQM™ Alternative Documentation program features reasonable qualification based on either bank statements or eligible assets.

Investor Bank Statement Only Georgia Mortgage Lenders Program Highlights

Guidelines for Georgia Bank Statement Only Mortgage Lenders Program:

• Only deposits can be used Transfers are NOT counted on personal and case-by-case for business.
• Must have 24 consecutive months of statements (no gaps)
• Must provide All pages (even the last pages with advertising)
• Case by case comingle (use two different accounts) statements.
• Can Include w2 and 1099 income
• If account was used and closed and new account for remainder of statements must show closing of old account and opening of new account

Business Bank Statement Transfers may be accepted for business statements when they come from credit card clearing houses (examples: Paypal, Square, AMEX, etcetera).  Case-by-Case and must be considered normal for the company.

Multiple business bank accounts are considered on a case-by-case when (a) one account is closing and reopening new account, or (b) for Business accounts that are two different and autonomous businesses.

Georgia Bank Statement Only Mortgage Lenders