Bank Statement Mortgage Loan – Now Available! Mortgage Solutions for Self-Employed Borrowers.
Texas Premier Mortgages Bank Statement mortgage program is the perfect option for any self-employed borrowers who do not have the tax documents to prove their ability to pay. We can offer up to 90% of your purchase price on personal and business bank statements
What is a Bank Statement Loan?
A Bank Statement loan is a home loan program designed for self-employed/ business owners. For qualification purposes, the lender uses the deposits made into the business owner’s account as the source of income for qualification purposes, instead of using the applicant’s tax returns.
The primary difference between these loan types is that the applicant qualifies based on the deposit income in the bank statements, rather than the applicant’s tax returns.
At least 24 months old to qualify for a Bank Statement Loan.
If their ordinary business income is deposited into a personal account, applicants can use personal bank statements. Keep in mind, that this may potentially complicate the approval process if they share this account with another person, such as a spouse who has a job. If they are a 1099 wage-earner and depositing their income into a personal account, we suggest using our 1099 income program.
Yes, but unless the business partner is also qualifying for the same home loan with you, then it would reduce the amount of income by their percentage, which could in turn significantly reduce the amount of house they can afford. For instance, by owning 50% of the business, then the borrower can only use 50% of the income from the bank statement income analysis.
No. Co-signers and applicants who are not occupying the new home are not allowed on a Bank Statement Loan Program.
YES, as long as the bankruptcy, foreclosure, or short sale is completed at least 1 month ago or longer. Depending on the length of time after the certificate of title date, it may affect the minimum down payment on a home.
- No tax returns required
- 12 month personal bank statements
- 12 month business bank statements
- Up to 90% LTV on Personal and Business with no MI
- Owner-occupied
- Seller concessions allowed
- 2 year self-employed required
For more information about Bank Statement loans, their benefits and loan options and how it may apply to you, please contact us direct or submit the quick quote form at the top/right of this page.
