We offer over 50 loan programs and will find a loan that fits each borrower.
We are direct lenders specializing in residential, investment and commercial mortgages.
STATED LOANS EXPLAINED

BANK STATEMENT LOANS EXPLAINED

24-Month Bank Statement Program.
 
Borrower Employment Types:

  • Self Employed
  • 1099

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.

DOCUMENTATION DETAILS:

Personal & Business Guidelines

  • Only deposits can be used
  • Transfers are NOT counted on personal and case-by-case for business*
  • Must have 24 consecutive months of statements (no gaps)
  • Must provide All pages (even the last pages with advertising)
  • Cannot comingle (use two different accounts) statements**
  • If account was used and closed and new account for remainder of statements must show closing of old account and opening of new account
  • *Transfers may be accepted for business statements when they come from credit card clearing houses (examples: Paypal, Square, AMEX, etcetera). Case-by-Case and must be considered normal for the company.
  • ** Multiple accounts are considered on a case-by-case basis

 


          
1-407-300-2558
2151 Consulate Dr., Suite 8, Orlando, Florida, 32837, United States
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