Georgia Bank Statement Self Employed Mortgage Lenders
Georgia bank statement mortgage lenders reveiw bank statements for income instead Tax Returns. By allowing self employed borrowers to verify their income through bank statements Georgia mortgage lenders have opened the door to more opportunities for self-employed business owners, contractors, freelancers who don’t qualify because they wire off all of their income!
Georgia No Tax Return Mortgage Lenders Options
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- Use Personal Bank Statements For Income: You can qualify using 12 or 24 months bank statements and use Up To 100 percent of deposits for income if they came from a business Bank Account.
- Use Business Bank StatementsBank Statements For Income: You can qualify with 12 or 24 months of bank statements and count up to 90% percent of the deposits. A self employment questionnaire is usually required to determine your income. For example if you are a 1099 salesman with minimal business expenses can use up to 90% of your income to qualify.
- Use 1099s For Income: Some Georgia Mortgage lenders will allow 2 years 1099’s and 2 months recent bank statements along with a bank statement questionnaire to understand your expenses.
- Use Lease Agreements For Income: As long as the lease agreements are enough to cover the mortgage payments lenders will lend up to 80% loan to value with no income verification needed.
BANK STATEMENT ONLY GEORGIA MORTGAGE LENDERS
Georgia Self Employed Bank Statement Mortgage Lenders Eligibility:
- You must prove self-employment for a minimum 1 years.
- Must provide proof of 12-month rental history or and 3-6 months future payments in reserves.
- You must have at least 10%-20 down.
- You must have 4-6 months of PITI reserves
- You may qualify with as little as a 12-months bank statement.
- You must have a credit score of 600 or above to qualify.
- The minimum loan amount is $100,000, and the maximum loan is $5,000,000.
Georgia Mortgage Lenders 12 or 24-Month Bank Statement Loan Program.
Georgia Bank Statement Only Mortgage Lenders Summary
- No tax returns required!
- 12 or 24 months bank statements now available (Personal and Business)
- Loans up to $3 million
- Credit scores down to 600
- Rates starting in the low 5’s
- Up to 90% LTV
- DTI up to 50% considered
- Owner-occupied, 2nd homes, and investment properties
- 2 years seasoning for foreclosure, short sale, BK, DIL
- Non-warrantable condos considered
- Jumbo loans down to 660 score
- 5/1 ARM or 30-year fixed
- No pre-payment penalty for owner-occ and 2nd homes
- SFRs, townhomes, condos, 2-4 units
- Seller concessions to 6% (2% for investment)
- 2 year self-employed required
SAME DAY PRE APPROVALS!
Self Employed GA mortgage applicants that write off all of their income can now use our bank statement only mortgage program to qualify their income using the following 2 documents:
Georgia Bank Statement Only Mortgage Lenders
Most suitable for GA borrowers who have irregular cash flows, want to reap a tax benefit while purchasing a home, or to free up cash for investment opportunities.
– Qualify based on a 24 month average of deposits in personal or business accounts
– 10 year interest only period
– Primary residences, 2nd homes and investment properties allowed
– Bank Statment only loan amounts to $2,000,000
GEORGIA BANK STATEMENT ONLY KEY POINTS:
- Business or Personal Statements to 90%LTV!!!
• 100% of Deposits for Personal Statements! or
• 100% of Deposits for Business Statements!
• Don’t look at Withdrawals!
• Don’t look at Overdrafts!
• No P&L!
• No Reserves!
GEORGIA BANK STATEMENT ONLY GENERAL LENDING CRITERIA
We have multiple private Bank statement only GA Lenders. Case by case business bank statment conditions subject to change without notice.
90% LTV – after Foreclosure, Short Sale or BK
Our Stated and Bank Statement Only Loan Approvals Up to $3,000,000 Loan Amounts
GEORGIA BANK STATEMENT ONLY MORTGAGE LENDERS REQUIREMENTS
- Min 500 FICO!
- 24 Months of Statement deposits
- Owner Occ. w/ 600 Fico, Non Owner & 2nd Homes w/500 Fico
- Self Employed and 1099 borrowers only
- Only 6 NSF’s in most recent 12 months
- P & L
FOR SAME DAY PRE APPROVAL! FREE NO OBLIGATION CONSOLATION
24 Months Georgia Bank Statement Only Mortgage Lenders Employment Types:
- Self Employed
- 1099
o Must provide business license, Tax Preparer’s NOT Audited letter or corporate paperwork.
US Mortgage Lenders will accept Personal or Business Bank Statements. However, qualifying income will be calculated differently.
Georgia Personal Bank Statements: 100% of Deposits- Add all deposits for all 24 months and divide that amount by 24 to receive the monthly income amount we will apply as the borrower’s qualifying income.
Ex. 24 months deposits total = $200,000 / 24 = $8,333 a month income.
Georgia Business Bank Statements: up to 90% of Deposits- Add all deposits for all 24 months, divide by 2, 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. * Only 50% is used because we have to assume the business has overhead.
Details of Georgia Bank Statement Only Lenders Program:
Personal & Business Guidelines
- 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)
- Can not commingle (use two different accounts) statements**
- If account was used and closed and new account for remainder of statements must show closing of old account and opening of new account
Georgia bank 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 Georgia company.
Georgia Multiple 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 Georgia businesses.
What is a Georgia Bank Statement Loan?
Georgia Bank Statement loans have taken over the traditional Georgia Bank Statement income loans as an alternative for self employed Georgia mortgage applicants who are unable to verify their income by providing the previous two years tax returns, W2s and pay stubs. These loans are called non-QM loans, nontraditional loans or expanded criteria loans that allow other forms of documentation to prove the ability to repay. Just as it sounds, a Georgia Bank Statement loan allows the borrower to verify his or her income with bank statements
Eligible for a Georgia Bank Statement loan:
- You must prove self-employment for a minimum 1 years.
- Must provide proof of 12-month rental history or and 3-6 months future payments in reserves.
- You must have at least 10%-20 down.
- You must have 4-6 months of PITI reserves
- You may qualify with as little as a 12-months bank statement.
- You must have a credit score of 600 or above to qualify.
- The minimum loan amount is $100,000, and the maximum loan is $5,000,000.
What Documents Do I need for a Georgia Bank Statement only Mortgage?
- Proof of income = Your most recent 12- or 24-months bank Statements Business or Personal bank statements EVERY PAGE EVEN BLANKS in PDF labeled by month.
- PDF proof of down payment statement= 2 Months Bank Statements to source funds..
- Proof of 2 years in the same business or line of work = To include business licenses or satisfactory evidence of self-employed to cover previous 24 months that could include: Articles of incorporation, 2 years of 1099 s, Business license more than 2 years or accountant letter stating more than 2 years in the same business.
- Obligations = Divorce decree, Child support or court order required payment statements. Only if applies.
- ID = Driver’s license, SS Card.
- Mortgage Statements = For rental properties including taxes and insurance statements. Only if applies.
- W2 or 1099= If you have separate W2 or 1099 income you would like to use to qualify please provide.
- Purchase and Sale Contact. Only if you have one.
- Verified Timely Rent Payments- For Purchases Only – Please send front and backs of checks clearing your account or wire transfers for the most recent 12 months to verity timely rental payments.
What Are the Advantages of a Georgia Bank Statement Loan?
In summary, these are the advantages of a Georgia Bank Statement loan:
- The lender can look at 12 or 24-month bank statements.
- 30 Year Fixed Options.
- Georgia Bank Statement only mortgage lenders do not need to look at your tax returns.
- Your income statements are made up of the average monthly income deposits.
- You can get a Georgia Bank Statement home loan for as little as 10 percent down.
- You can do a cash-out refinance.
- You can borrow up to $5 million.
- Debt to income ratio up to 55 percent.
Eligibility Requirements for a Georgia Bank Statement Mortgage Loan?
Eligibility for a Georgia Bank Statement requires total deposits minus disallowed deposits. This amount is then divided by the number of bank statements, whether it is the 12 or 24 months statement.
Another option is that if the co-borrower is a W2 employee you can use a hybrid of W2 and tax return income from the co-borrower and Georgia Bank Statement income from the borrower or assets from the co-borrower and bank statements from the borrower. Non-QM loans can use multiples sources of blended incomes to qualify.
Deposits which are disallowed in regards to a Georgia Bank Statement loan include transfers between bank accounts and cash or large deposits, which can raise a level of concern and may require a letter of explanation.
Special Considerations By Georgia Bank Statement Mortgage Lenders
- You can use either business or personal no commingling.
- Use 12 months business bank account or personal account depending on the lender.
- Deposits which are transferred from a business account into a personal account are OK.
- You may combine W2 income with Georgia Bank Statement income as long as the income is not being counted twice.
- Foreign Bank Statements and Foreign Assets may be considered and must be translated to English.
The Georgia Bank Statement Loan Application Process
To apply for a Georgia Bank Statement loan you would fill out our full mortgage application. Then provide your last 12 or 24 months’ worth of bank statements from a personal or business bank account. Georgia Bank Statement mortgage loans are processed through a manual underwriting process. This means the income is calculated by a person so the process can take 24 -48 hours.
BANK STATEMENT ONLY GEORGIA MORTGAGE LINKS
- GEORGIA MORTGAGE LENDERS – FL FHA MORTGAGE LENDERS
- Georgia Mortgage Lenders Programs -3.5 down with Min 580 Fico!
- 5% BAD CREDIT GEORGIA MORTGAGE LENDERS
- Georgia VA Mortgage Lenders Min 580 FICO! – Florida Mortgage Lender
- 5% Florida FHA Mortgage Lenders Min 580 FICO!!
- Bad Credit Home Loans – FL FHA MORTGAGE LENDERS
- 5% Georgia FHA Mortgage Lenders Min 580 FICO!!
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