12-24 Bank Statement Mortgage Lenders Loan for Self-Employed
Self Employed Mortgage lenders offer a 12 or 24 Month Bank Statement Program.
Borrower Employment Types:
Self Employed – Must provide 2 years proof of self-employed 1099’s business license, Tax Preparer’s letter or corporate paperwork.
We accept Personal or Business Bank Statements. However, qualifying income will be calculated differently.
Here are some examples:
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
Ex. 24 months deposits total = $200,000 / 24 = $8,333 a month income.
Business Bank Statements: 1. 50% of Deposits or 2. Profit and Loss or 3. Expense Ratio Letter!
Add all verified business deposits for all 24 months 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.
Business Bank Statment Details :
Personal & Business Guidelines
- Allowable Bank Statment deposits that can be used include:
- Transfers are NOT counted on personal and case-by-case for business
- Must have 12 or 24 consecutive months of statements (no gaps)
- Must provide All pages (even the last pages with advertising)
- Cannot comingle (use two different accounts) statements.
- If the bank account was used and closed and new account for the remainder of statements must show the closing of old account and the opening of a new account
* Transfers may be accepted for business statements when they come from credit card clearing houses (examples: Paypal, Square, AMEX, etcetera). Reviewed for acceptance on a case-by-case basis, and must be considered normal for the company.
** Multiple accounts are considered on a case-by-case basis when (a) one account is closing and reopening new account, or (b) for Business accounts that are two different and autonomous businesses.
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.
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.)
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