How is income calculated for your bank statment only mortgage loan program?

SELF EMPLOYED MORTGAGE LENDERS QUESTIONS AND ANSWERSCategory: Bank StatementsHow is income calculated for your bank statment only mortgage loan program?
Thomas Martin Staff asked 3 years ago

US Mortgage Lenders will accept Personal or Business Bank Statements.
However, qualifying income will be calculated differently.
Personal Bank Statements 100% of Deposits if you can prove the money came from your business account.  Add all bank statement deposits for all 24 months and divide that amount by 24 to receive the monthly income amount. we will apply the average as the borrower’s qualifying income. For example, 24 months deposits total = $200,000 / 24 = $8,333 a month income. Add this account of income to your mortgage application to purchase or refinance a home!
 
Business Bank Statements: We will give you a minimum of 50% of the deposits for business bank statements. We have other programs for borrowers that can prove very little business expenses to use up to 90% of your business bank statement deposits to qualify for our self-employed mortgage program. To qualify deposits- Add all your business bank statement deposits for all 24 months, and then divide by 24 months to receive the gross income monthly amount we will give to the borrower. For example  24-months deposit total = $500,000 / 24 = $10,333 a month income. 
 
Expense Ratio for Business Bank Statements: We have numerous ways of calculating business bank statement income. If 50% of your business deposits is not enough to qualify and you can prove your expenses are less, we have programs that will allow you to use up to 90% of your business bank statement deposits. 

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