bank statement program

How a Bank Statement Program Works

We understand the unique needs of employed individuals have when it comes time to financing a home. If you are self-employed, you do not have to provide paystubs, W-2’s, tax returns or tax transcripts.  The deposits into your business account are used to qualify for the mortgage.

• You can pick from a 30 year fixed loan or take an adjustable rate mortgage for 5, 7or 10 years to lower your monthly mortgage payment for the initial years of the loan.
• This program allows you to put down only 10% if you are purchasing a home. If you are refinancing, you can also borrow up to 90% of the home’s value on a rate & term refinance.
• Credit scores as low as 620 to be accepted into this program and need to be 4+ years away from any major derogatory credit.
• Financing up to $3 million is allowed for purchases or rate and term refinances. Loan amounts are reduced to $1.25 million when doing a cash out refinance and the loan-to-value is capped at 80% of the home’s value.  The maximum cash in hand allowed on a cash-out refinance is $1 million.