NO TAX RETURN MORTGAGE REFINANCE- USE BUSINESS BANK STATEMENTS FOR INCOME!

Self-employment is both challenging and rewarding as you have a higher income ceiling and more personal write-offs. Instead of growing somebody else’s company, you get to enjoy the unlimited growth of your own business and income. However, even when you boost your income as a self-employed owner and write off most of it to avoid paying the IRS,  the hurdle of getting approved for a mortgage can be challenging.

Bank Statement Mortgage Refinance Program

Bank Statement Mortgage Refinancing offers a 12 & 24-Month Bank Statement Mortgage Refinance Loan Program.

SELF EMPLOYED Borrower Employment Types:

• Must provide business license, Tax Preparer’s letter or corporate paperwork.
• Self-employed
• 1099

Bank Statement Mortgage Refinance will accept Personal or Business Bank Statement Mortgage Refinances. However, qualifying income will be calculated differently. 

NOTE: PERSONAL AND BUSINESS BANK STATEMENT INCOME IS CALCULATED DIFFERENTLY

BANK STATEMENT MORTGAGE LENDERS Program Details:

Self Employed Personal & Business Refinance Guidelines

• Only deposits can be used
• 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 account was used and closed and new account for the remainder of statements must show the closing of old account and the opening of new account

Bank Transfers may be accepted for business bank 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 bank statement mortgage applicants company.

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

Personal Bank Statement Mortgage Refinances: 100% of Deposits

Add all deposits for all 12 or 24 months and divide that amount by 12 or 24 respectively 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.

Ex. 12 months deposits total = $100,000 / 12 = $8,333 a month income.

Business Bank Statement Mortgage Refinances: UP TO 90% of Deposits

Add up all deposits for all 12 or 24 months, divide 12 or 24 respectively to receive the monthly income amount we will allow for the borrower to use for income.

Ex. 24 month deposit total = $500,000 / 2 = $250,000 / 24 = $10,333 per month income. Up to 90% is used determined by the borrowers signed profit and loss statement.

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