Bank Statement Mortgage Lenders offers a 12 & 24-Month Bank Statement Loan Program.
Self Employed Borrower Employment Types:
- 199
- Self-employed
- Self Employed Must provide business license, Tax Preparer’s letter or corporate paperwork.
Bank Statement Mortgage Lenders will accept Personal or Business Bank Statements. However, qualifying income will be calculated differently.
Personal Bank Statements Allow For: 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 Statements determined by signed and dated profit and loss.
Add all business bank statement deposits for all 12 or 24 months, and then divide by 12 or 24 respectively to receive the gross monthly income amount we will allow for the borrower. Net qualifying income is determined by a signed and dated profit and loss statement provided by the loan applicant.
Ex. 24 month business bank statement deposit total = $500,000 / 2 = $250,000 / 24 = $10,333 per month income. Only 50% is used because we have to assume the business has overhead.
business bank statement details:
Personal & Business Guidelines
- Only verified business deposits can be used.
- Less: Proceeds from the sale or liquidation of significant assets including stock, bonds, life insurance policies, and autos and loan proceeds from borrowing.
- Transfers are NOT counted on personal and case-by-case for business
- Must have with (no gaps) 12 or 24 consecutive months of statements.
- Must provide All bank statement pages (even the last pages with advertising)
- 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 a new account
Multiple bank accounts are considered on a case-by-case basis when (a) one account is closing and reopening the new account, or (b) for Business bank accounts that are two different and autonomous businesses.
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 self-employed borrower.
- No Tax Returns No Tax Transcripts Required.
- 12 Month Bank Statements Now Available.
- 24 Months Bank Statements (Personal Or Business)
- Florida Jumbo Bank Statment Loans Up To $5 million.
- (Min Bank Statment Only Florida Loan Amount $100,000)
- Credit Scores Down To 600.
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