No Tax Returns -Stated Income Mortgage Lenders

No Tax Returns -Stated Income Mortgage Lenders


  • 10% Down with a 660 & 15% Down with a 600 Score!
  • No tax returns Needed! Proof of 2 years self-employed!
  • Owner-occupied, 2nd homes and investment properties.
  • Loan Amounts From $150,000 to $3,000,000.
  • 12 months personal or 24 months business bank statements
  • Debt to income up to 50% considered.
  • Choose either a 5/1 and 7/1 ARM’S and/or 30-year fixed.
  • No prepayment penalty for owner-occ and 2nd homes
  • Seller paid closing cost allowed up to  6%. 
  • Business Bank Statment Expense Ratio Options Include:
  • 4 Different Options For using Business Bank Statement Only!
1) 3 MONTH BUSINESS STATEMENTS (24 Mo. Tax Preparer P&L)
2) BORROWER PREPARED P&L (24 Mo. Business Statements)
3) 24 MONTH BUSINESS STATEMENTS (Tax Preparer Expense Letter)
3) 24 MONTH BUSINESS STATEMENTS (50% Of gross income used No questions asked)

Excessive tax deductions combined with tough documentation requirements make conventional mortgage loan approval difficult to obtain for some self-employed mortgage applicants. Today, self-employed mortgage applicants are using alternative documentation to qualify for what in the past was called stated income mortgage loans. These new bank statement only loans are taking the place of stated income loans because self-employed mortgage applicants do not have to show their tax returns.

Bank statement only loans are loans where self-employed self-employed self-employed lenders use bank statement deposits to verify the self-employed mortgage applicant’s ability instead of tax returns, to determine the self-employed mortgage applicant’s ability to repay the mortgage loan. Bank statement only mortgage lenders work with self-employed self-employed self-employed mortgage applicants will calculate bank statement deposits for 12 to 24 months to determine a self-employed mortgage applicants net income. Each self-employed mortgage lender uses a slightly different formula to determine a self-employed applicants qualifying income. In most cases, in qualifying with personal bank statements mortgage lenders will use 100% of deposits in a personal bank account. By reason of, the net qualifying income reflects on the personal bank statements after paying work-related expenses and taxes.

To qualify for a bank statement loan, self-employed mortgage applicants need to show the mortgage lender at least 2 years of experience and income as a self-employed person.

After determining a self-employed mortgage applicant’s income by calculating an average of deposits, self-employed mortgage lenders determine the maximum loan size based on a ratio of debt to income ratio. The debt-to-income ratio is the percentage of a self-employed mortgage applicant’s monthly deposits that could go towards a mortgage and other forms of debt.

Conventional mortgage lenders usually max out at debt-to-income ratios up to 45%, depending on a self-employed mortgage applicant’s credit score and the size of their down payment. Bank statement lenders may allow self-employed mortgage applicant’s to take on loans with debt-to-income ratios to excel up to 55%, though the qualifying ratio will greatly depend on the overall strength of the borrowers complete profile.

self-employed mortgage lenders allow self-employed mortgage applicant’s to direct a larger portion of their income towards their mortgages, but these loans also require larger down payments. self-employed mortgage applicant’s with a great credit history may be able to purchase a house with only 10% down payment, but depending on the borrower’s credit score self-employed mortgage lenders may look for even larger down payments.


Why Do Mortgage Seekers Still Need Stated Income Loans?

Stated income or no doc loans are a product of the past, but new innovations in underwriting documentation are helping the self-employed people and investors qualify for mortgages.

Products that use “alternative” underwriting standards carry higher interest rates than traditional mortgages, but for the right person, these loans make a lot of sense. Self-employed self-employed self-employed mortgage applicants can find a bank statement only loan that carries the same consumer protections as other loans. Meanwhile, real estate investors can find loans to buy properties that they couldn’t finance based on their income alone.

Whether investors or self-employed, self-employed mortgage applicants should be careful to understand their mortgages, and compare rates from multiple lenders before choosing a loan.

No Tax Return Mortgage Lenders Interest Rates

Although self-employed mortgage lenders do have higher down payment requirements, interest rates on bank statement loans are often higher ranging 1.5% to 2.75% higher than conventional interest rates on traditional fannie mae, and/or freddie mac low-interest rate conventional mortgages,Regardless, the interest rate gap between conventional full doc loans and self-employed bank statement only loans has tightened recently. If the direction continues, interest rates on bank statement self-employed self-employed self-employed loans could soon be comparable to interest rates on traditionally underwritten mortgages soon..

Stated income Mortgage Lenders For Real Estate Investors

Real Estate investors also see the benefit from alternative documentation methods. The law that governs the full document income requirements only applies to mortgages for owner-occupied homes.. This means that real estate investors may be able to take on stated income mortgages for investment properties without providing any income documentation. A Select number of cash flow mortgage lenders will underwrite mortgages based on the expected income from the property.


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