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