Often times, when self-employed, contactor works and/or self-employed business owners try to qualify for a prime mortgage, they end up rejected for the amount that they feel they can afford because they take to many deductions or write-off much of their business income to qualify for the mortgage needed. Qualifying for a mortgage is a real problem for self-employed and contractors unless they have another way to prove revenue or a spouse with a W2 income, it can be impossible to qualify for a mortgage. This is why we have the bank statement only mortgage that calculates your self-employed income using bank statement only.
The Bank Statement Mortgage Loan Program is designed to give self-employed borrowers and business owners a chance to buy a home using their maximum income deposits into the bank account. You see when you file your taxes you limit you show as little income as possible. When you purchase a home you want to show as much income as possible. So, Instead of just using your W2’s for income verification, we use your most recent 12 months bank statement deposits to prove your ability to repay.
Summary Advantages of the Bank Statment Only Mortgage!
- No Tax Returns or Tax Transcripts required to qualify.
- Use 12 or 24 months Average Deposits For Income!
- USE your Personal or Business Bank Statements For Income!
- Income is calculated using average deposits in your bank account!
- Purchase a new home with only 10% Down
- Rate and Term Refinance up to 90% of your home’s value
- Cash out Refinance up to 85% of your home’s value
- Loan amounts from $100,000 up to $2.5 Million
- Debt to Income Ratios up to 55%
- 30 Years Fixed Rate Options Available
- Must be Self Employed for 2+ years