Bank Statement Loan Program
What’s a Bank Statement Loan?
Loan programs designed for self-employed or high-net-worth borrowers rely on the use of their bank statements, instead of tax documents to analyze a borrower’s income. In this manner, lenders examine and utilize a minimum of 24 month bank statement history to determine the self-employed borrower’s net income. This net-income qualification is used to reflect a borrower’s income after paying work related expenses and taxes.
For High Net Worth Borrowers
- Min FICO 620
- 10% down payment requires 660 FICO score.
- 15% down payment or greater requires 600 FICO score.
- Loan amount $250K to $3M
- Income qualification based on verified liquid assets
- Employment and Income are not required to be disclosed on the 1003
- Full asset documentation required for funds to close, reserves and qualifying asset requirements
- Assets can be cash in the bank, stocks, bonds, IRAs, 401ks, mutual funds, retirement accounts
- Asset levels in the verified accounts must be deemed consistent and sustained
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For Self-Employed Borrowers
- Min FICO 620
- 10% down payment requires 660 FICO score.
- 15% down payment or greater requires 600 FICO score.
- Loan amount $250K to $3M
- Bank statements with or without asset amortization
- With W-2 co-borrower is allowed
- Assets must be fully documented
- Personal or business statements
- P&L statement required if business & personal accounts are combined
- Statements for the most recent 12-24 month period required
- Retirement income is usable with verification (1099, award letter, etc.)
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Bank Statement Mortgage Loans are being made available in: New Jersey, New York, Connecticut, Maryland, Virginia
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800-959-4622
