Get Pre-Approved for a Self-Employed Bank Statement Loan Today !
Why a Bank Statement Loan?
Our Bank Statement (”Stated”) loan programs is rapidly becoming the loan of choice for self-employed sole proprietors, business owners, independent contractors and W-2 wage earners who have a good cash flow and payment history, but show a reduced taxable income as a result of high deductions, recent mortgage events e.g. Bankruptcy, Foreclosure, Short Sale Seasoning & Deed in Lieu and/or other personal credit issues. We offer bank statement programs with low FICO entries, * Rates Starting in the 5’s with Down Payments as low as 10% based on FICO score and down payment amount. We also just added w-2 with pay stubs eligibility to our stated loan program
BANK STATEMENT LOANS EXPLAINED
24-Month Bank Statement Program.
Borrower Employment Types:
We will accept Personal or Business Bank Statements. However, qualifying income will be calculated differently.
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 we will apply as the borrower’s qualifying income.
Example: 24 months’ deposits total = $200,000 / 24 = $8,333 a month income.
Business Bank Statements: 50% of Deposits
Add all deposits for all 24 months, divide by 2, and then divide by 24 to receive the monthly income amount we will give to the borrower.
Example: 24 month deposit total = $500,000 / 2 = $250,000 / 24 = $10,333 a month income.
* Only 50% is used because we have to assume the business has overhead.
Personal & Business Guidelines
WE NOW OFFER A "12 MONTH" BANK STATEMENT LOAN PROGRAMS