Bank Statement Mortgage Lenders- Self Employed Lenders Program Overview
NO TAX RETURNS NEEDED!
QUALIFY USING BANK STATEMENT ONLY
Self-Employed Mortgage Lenders Program Highlights Summary
- Self Employed, No W2 or Tax Returns Required
- Great for business owners with write-offs
- Loan Amounts to $3M
- Use 12 Personal or Business Bank Statements For Income!
- Up to 90% loan to value with no Mortgage Insurance!
- Interest Only Options (30 & 40 Options)
- ARM’s and FIX rates Available
- Personal or Business Bank Statement Options
- W2 or Retired Co-Borrower allowed (blended income). Also, Asset Depletion
- Single Family Homes, Townhomes, Villas, Condos Non-Warrantable condo’s
- Credit scores down to 580
- Owner Occ, 2nd Home and NON Owner Occupied
- Borrowers with up to 20 financed properties
- SFR, Condo, 2-4 Unit and Non-Warrantable Condo
- One Appraisal Up to $1.5M
BANK STATEMENT ONLY SELF EMPLOYED MORTGAGE LENDERS CRITERIA
| Credit | Additional Criteria Credit • Minimum FICO: 600 • Housing History: 0x30x24 • Credit Event Seasoning (Bankruptcy, Foreclosure, Short Sale, DIL): 24 Months • Tradelines: At least 2 open and active trade lines that have reported for a minimum of 24 months. 3 for 24 months and Rental History Counts |
| Property Type Limitations | • Condo / 2‐4 Unit: 85% Max LTV • Non‐Warrantable Condo: 80% Max LTV • Non‐Warrantable Condo Maximum Loan Amount: $1,500,000 • Rural Property: 80% Max LTV |
| Cash out Limit | • Program Maximum limited to 75% of Property Value • Loan Amounts exceeding $1,000,000, Condominiums, and Multi‐Units limited to 70% of Property Value |
| Debt‐To‐Income (DTI) | • 50% Maximum DTI • 50% DTI Allowed with the following restrictions: Full Doc Only; 12 months of reserves are required; LTV/CLTV may not exceed 85% • 55% DTI Allowed with the following restrictions: ‐ A minimum of 12 months of reserves are required; ‐ Refinance transactions that do not meet the Net Tangible Benefit definition are not allowed; ‐ LTV/CLTV may not exceed 85%; ‐ Minimum of $3,000 / Month. Add $250 for the first dependent. Add $125 for each additional dependent; ‐ Primary Residence Only; ‐ Allowed for 24 mo Full Income Documentation only ‐ Minimum FICO Score: 680; ‐ First Time Home Buyer not permitted |
| Eligible Products | • 30 Year Fixed• 5/1 LIBOR ARM (2/2/5 Caps) • 7/1 LIBOR ARM (5/2/5 Caps) • 15 Year Fixed • 30 Year Fixed ‐ ARM Qualifying Rate: Greater of the Fully‐Indexed Rate or Note Rate ‐ ARM Index: 12 Month LIBOR ‐ ARM Note Margin = 3.75% ‐ ARM Floor = Margin |
| Residency | • US Citizen; Permanent resident alien; Non‐permanent resident alien |
| Second Homes | • Maximum LTV/CLTV: 80% or program max, whichever is lower |
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