Texas Self Employed Mortgage Lenders Highlights
- Min 660 Credit for 10% Down Min 3 months reserves.
- Min 600 Credit for 15% Down Min 3 months reserves.
- No tax returns required
- 12 month personal bank statements
- 24 month business bank statements
- Loans up to $3 million
- Credit scores down to 600
- Up to 90% LTV on Personal and Business with no MI
- DTI up to 50% considered
- Owner-occupied, 2nd homes and investment properties
- 2 years seasoning for foreclosure, short sale, bankruptcy or deed-in-lieu
- Non-warrantable condos considered
- Jumbo loans down to 600 score
- 5/1 ARM or 30-year fixed
- No pre-payment penalty for owner-occ and 2nd homes
- Seller concessions to 6% (2% for investment)
- 2 year self-employed required
Bank Statement Mortgage Lenders offer a 24-Month Bank Statement Loan Program using bank statements ONLY to qualify for a mortgage.
Bank Statement Only borrowers that can document their income by providing the following 2 documents along with 24 months banks statements
KEY POINTS TO THE BANK STATEMENT ONLY MORTGAGE PROGRAM
- Business or Personal Statements to 90%LTV!!!
• 100% of Deposits for Personal Statements! or
• 100% of Deposits for Business Statements!
• Don’t look at Withdrawals!
• Don’t look at Overdrafts!
• No P&L!
• No Reserves!
90% LTV – after Foreclosure, Short Sale or BK
Our Stated and Bank Statement Only Loan Approvals Up to $3,000,000 Loan Amounts
BANK STATEMENT ONLY MORTGAGE LENDERS REQUIREMENTS
- Min 500 FICO!
- 24 Months of Statements
- Owner Occ. w/ 600 Fico, Non-Owner & 2nd Homes w/500 Fico
- Self Employed and 1099 borrowers only
- Only 6 NSF’s in most recent 12 months
FOR YOUR FREE NO OBLIGATION CONSOLATION
24 Months Bank Statement Only Employment Types:
- Self Employed
o Must provide business license, Tax Preparer’s NOT Audited letter or corporate paperwork.
US Mortgage Lenders 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.
Ex. 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.
Ex. 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.
Details of Bank Statement Only Lenders Program:
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)
- Can not commingle (use two different accounts) statements**
- If the account was used and closed and new account for the remainder of statements must show the closing of old account and the opening of a new account
bank 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.
Bank statement only borrowers may use multiple bank accounts are considered on a case-by-case when (a) one account is closing and reopening the new account, or (b) for Business accounts that are two different and autonomous businesses.
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