Alternative Income Home Loans, sometimes referred to as Bank Statement Lending is not for everyone. In the sea of qualified and stated income options available today, how do you know if this Bank Statement Loan option is right for you?

Here’s the top 7 highlights of our Bank Statement Lending Program that you should know about:

1. Bank statement qualifier must be self-employed for at least 24 months. 1099 Contract employees are OK too.

2. Self-employed borrowers qualify with gross bank deposits using 24 Months business bank statements or 24 months personal bank statements.

3. Minimum loan amount of $250K to $3M

4. 620 Minimum FICO score required. 10% down payment requires 660 FICO score. 15% down payment or greater requires 600 FICO score.

5. Available for Primary Residence (10% down) – Investment (20% – 25% down) – 2nd/Vacation Home (10% down).

6. No Manufactured Homes, No Mobile Homes, No Commercial Property

7. New Builder Homes are OK but no “construction loans” or vacant land financing is available.

How does Bank Statement Lending work?
Traditionally, lending institutions have relied on tax returns, 1099’s and credit scores to qualify lenders. Bank Statement Loans change this paradigm by examining business earnings that have been deposited into a business account and/or personal account. Using these deposits as the base qualifiers in lieu of traditional income verification methods, a whole new array of qualified lenders has surfaced.

Wondering if you qualify? Common sense lending is back. Let one of Heritage Mortgage loan specialists assist you in determining if a Bank Statement Loan is right for you. Call our offices at 800.959.4622.