Often times numbers don’t match up or you get a phone call from your loan officer the underwriter just denied your loan for income reasons. What options do you have now? You need alternate lending that traditional banks don’t offer called non-qualified mortgage loans or Non QM. Our Bank Statement Home Loan is a great option when you need a solution! This is a perfect loan for anyone that has been declined for a conventional loan, fha loan or any other “big bank” product.
We understand tax returns are often complicated and sometimes the money claimed doesn’t reflect the money earned. With our bank statement mortgage home loan we will factor in 12 months of bank statement deposits on your business. This program is only offered to self-employed clients. No tax returns, no paystubs, no w2’s or 1099’s are required. This is a huge benefit to get you into your next home without having to hassle with waiting the next few years for your income to get straightened out. These loans can be used to refinance, take cash out and purchase loans.
We can either use personal or business bank statements but, the deposits cannot be co-mingled. You must choose one account or the other. An average of 12 or 24 months can be considered depending on which option works best for your loan to be structured. It should also be noted no bank transfers can be counted as income, only deposits. The rates can either be fixed or variable depending on your goals.
- No tax returns required
- 12 or 24 month personal bank statements
- 12 or 24 month business bank statements
- Loans up to $3 million – Minimum $150K
- 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
Call us today to review your loan options 281-627-4222 or fill out the form on this page so we can call you direct!
Written by Steve Head / Texas Premier Mortgage