What advantages are there in getting a bank statment only mortgage loans?

SELF EMPLOYED MORTGAGE LENDERS QUESTIONS AND ANSWERSCategory: Bank StatementsWhat advantages are there in getting a bank statment only mortgage loans?
Thomas Martin Staff asked 4 years ago

Advantages To A Bank Statement Only MortgageLoan
In summary, here are the advantages of a bank statement only loan:

  • You can get a bank statement home loan for as little as 5% percent down.
  • You have the option of a fixed-rate or adjustable mortgage.
  • You may have the option for an interest-only mortgage.
  • The lender does not need to look at your tax returns or tax transcripts.
  • Your income statements are made up of regular monthly income deposits.
  • If you own a business, you can show 12 months of business statements for income along with a P&L statement for the same period to prove your income without showing your tax returns..
  • You can do a cash-out refinance loan of up to 85 percent of the value of your property.
  • You can borrow up to $5 million.
  • Typically, bank statement lenders will accept a debt to income ratio of a maximum 55 percent of your total gross income.
  • You can include separate w2 income to help qualify with NO Tax Returns.

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