FORT WORTH TX SELF EMPLOYED MORTGAGE LENDERS

FORT WORTH TX SELF EMPLOYED MORTGAGE LENDERS TEXAS SELF EMPLOYED-BANK STATEMENT MORTGAGE LENDERS- NO TAX RETURNS!

FORT WORTH Texas Self Employed Pages Include:

• 10%DOWN+FORT WORTH Texas SELF EMPLOYED BANK STATEMENT MORTGAGE LENDERS
• 15% Down(PRIMARY HOME) Self Employed FORT WORTH Texas Stated Mortgage Lenders
• FORT WORTH Texas stated income self-employed mortgage lenders
• STATED TX MORTGAGE LENDERS FOR SELF EMPLOYED

Many Self-employed business owners agree that their tax returns do not accurately show their ability to make a mortgage payment. The self-employed borrower tends to write off and or deduct many expenses that a salaried / W2 employee is not able to. Because of the extensive write-offs, the income on their tax returns may not qualify for a traditional bank mortgage to purchase and or get the loan amount they need to purchase the home of their dream. Bank statement mortgage lenders provide an alternative income solution offered by certain bank statement only mortgage lenders to help self-employed FORT WORTH Texas borrowers qualify for a mortgage with NO TAX RETURNS!

FORT WORTH TEXAS BANK STATEMENT ONLY MORTGAGE LENDERS DETAILS INCLUDE:

• 2 Years Self Employed Required!
• Bank statement deposits used to qualify!
• No tax returns required
• 12 months personal bank statements or 24 months Business Statements used for income
• Loans up to $3 million
• Credit scores down to 600
• Rates starting in the 5-6% range.
• Up to 90% LTV
• DTI up to 50% Debt To Income Ratio
• Owner-occupied, 2nd homes, and investment properties
• 2 years seasoning for foreclosure, short sale, BK, DIL
• Non-warrantable condos considered
• Jumbo loans down to 640 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)

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Texas Fort Worth Business Bank Statement Mortgage Lenders

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BANK STATEMENT ONLY MORTGAGE FORT WORTH – NO TAX RETURNS REQUIRED.

self-employed FORT WORTH Texas borrowers bank statement only loan

• 12 Months of Personal Bank Statement Loan Program

Borrower(s) provide the Bank Statement Lender their most recent 12 months of personal bank statements showing deposits from work. Update:

• 24 Months Business Bank Statement Lenders Program

Borrower(s) will need to provide 24 months of bank statements business bank statements year to date and provide a borrower signed profit and loss. The bank statement lender will use this income for qualifying. FORT WORTH Texas self-employed bank Statement Only Lenders Approvals varies Case By Case from lender to lender.

QUALIFYING WITH BANK STATEMENT ONLY MORTGAGE LENDERS – NO TAX RETURNS REQUIRED.

Qualifying for the Bank Statement Only Mortgage Loan

Available only to the self-employed business owners, or for two or more FORT WORTH Texas borrowers where one or more of the FORT WORTH Texas borrowers is self-employed for at least the last  (2) two years. This is a great solution for commissioned and 1099 FORT WORTH Texas mortgage applicants who don’t want to provide tax returns or sign IRS form 4506-T. You simply need to show proof of income by providing 12 to 24 consecutive months of bank statements. FORT WORTH Texas self-employed Bank Statement Only Lenders Approvals varies Case By Case from lender to lender.

BANK STATEMENT DEPOSITS USED TO CALCULATE INCOME:

• MAXIMUM INCOME USED FOR PERSONAL BANK STATEMENTS – A self-employed borrower’s income is calculated by averaging 100% of personal bank statement related deposits from their most recent 12 months of personal bank statements. If your statements show low deposits for two or three months, then a large deposit the following month, the underwriter may request an additional 12 months to confirm your monthly income normally fluctuates. FORT WORTH Texas SELF EMPLOYEDBank Statement Only Lenders Approvals varies Case By Case from lender to lender.
• MAXIMUM INCOME USED FOR BUSINESS BANK STATEMENTS – For business bank statements only lenders will allow as much as 90% of the job-related deposits can be used for income qualifying, not 100%. FORT WORTH Texas self-employed Bank Statement Only Lenders Approvals varies Case By Case from lender to lender.

The maximum “Debt to Income”(DTI) ratio is 55%. Self-employed FORT WORTH Texas borrowers with a lower debt to income ratio may receive better a better rate & pricing. FORT WORTH Texas self-employed Bank Statement Only Lenders Approvals varies Case By Case from lender to lender.

MINIMUM BANK STATEMENT ONLY CREDIT SCORE NEEDED

600 or higher middle FICO scores. As much as 80% financing depending on appraised value

Bank statement only lenders require a credit Score of 640-679 are acceptable at lower LTV up to 85% and slightly higher interest rates occur with low down payment options.

Refinance with cash back: 680+ credit = 75% financing;

REQUIRED SELF EMPLOYMENT DOCUMENTATION

All self-employed mortgage lenders are required to prove stability in the line of employment by providing a copy of their business license or “Articles of Incorporation” showing they have been self-employed in the most recent (2) two years OR have a licensed CPA or enrolled IRS agent draft a letter confirming the same. FORT WORTH Texas self-employed Mortgage Lenders using Bank Statement Only varies Case By Case from lender to lender.

BANK STATEMENT ONLY REQUIRES MONTHLY RESERVES = MONIES IN ACCOUNT AFTER CLOSING REQUIRED BY FORT WORTH Texas SELF EMPLOYEDMORTGAGE LENDERS-

Case By Case 1 -12 months of P.I.T.I future payments required in the account at closing.

If the loan amount is over $1 million, then 12 months. IF over $2M, then 18 months. Bank Statement Only Approvals varies Case By Case from lender to lender.

ACCEPTABLE BANK STATEMENT ONLY LENDERS LENDER ON PROPERTIES THAT INCLUDE: Condos, Townhomes, single family homes, condotel, duplex, triplex or four-plex all qualify on various programs. Property can be as a primary residence, second home, or rental property. FORT WORTH Texas self-employed Bank Statement Only Lenders Approvals varies Case By Case from lender to lender.

BANK STATEMENT ONLY LENDERS TERMS INCLUDE – This self-employed loan type is offered on a 30 year fixed-rate or adjustable-rate mortgages with 5, 7, or 30 years fixed terms then it becomes adjustable. FORT WORTH Texas SELF EMPLOYED Bank Statement Only Lenders Approvals varies Case By Case from lender to lender.