Tuesday, August 24, 2021

Bank Statement Mortgage Programs For Self-Employed [2021]

 



Mortgage Options When You’re Self-Employed

Applying for a mortgage can be daunting when you're working for someone else, but even more so when self-employed although it doesn't have to be that way. Lenders will be considering the same things such as your credit score, assets and ability to repay. 
Because you are self-employed, there is some additional documentation required, however it doesn't have to e a hindrance as long as you are prepared. 

Bank Statement Mortgages 

This mortgage is an excellent option for a self-employed individual looking to Purchase or Refinance a Home and cannot provide "Traditional" Income documentation i.e., 2 yrs Tax Returns to qualify. Unlike most mortgage programs, the bank statement mortgage allows you to use your Bank Deposits instead of traditional income documentation. This Program is centered around the Self-Employed Entrepreneur, who generates income that may not be fully reflected on their Tax Returns.

How Bank Statement Mortgages Work

These mortgages are Portfolio mortgages that are not connected to any Government Agency. Approvals are heavily focused on your Bank Deposits into your Business or Personal Bank Accounts, coupled with a deep understanding of your Business's industry. How long you have been in Business, and how you derive your income. The focus is to understand your "Business."

What Documents Do You Need To Provide?

While underwriting standards will vary lender to lender and the type of loan you’re getting, the same types of documents are likely to be required. Here’s an overview of some of the common documentation needed.
  • Up to 90% LTV on personal and business with no MI
  • 12 month personal and business bank statements
  • 640 Credit Score 
  • 2 years self-employed required
  • No tax returns required
  • Loans up to $3 million

This product allows personal or business bank statements to calculate income without requiring tax returns.
  • Available for purchase and cash-out or rate-term refinance
  • Primary, second home, or investment properties
    • Single Family, townhomes, or condos
  • 12 or 24 months business or personal bank statements required
    • Additional documentation will be required for qualifying income and loan approval
If you’re self-employed and eligible, it’s still a great time to apply for a home loan or refinance. Rates are incredibly low and expected to stay that way.  Our 
Bank Statement mortgage program is the perfect option for self-employed borrowers who need an alternative method to show the true cash flow of their business. Borrowers do not have to own 100% of the business.
Contact Us TODAY to see about qualifying! 

Aundrea Beach-Greco 
Mortgage Lender, CMPS 
NMLS 333739
📱 +1 702-326-7866
📧 info@aundreabeach.com
🌐 www.AundreaBeach.com
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Aundrea Beach-Greco, CMPS. Licensed Mortgage Loan Officer. NMLS 333739
702-326-7866 info@AundreaBeach.com
Find me online www. AundreaBeach.com
Apply online at www.iLendLasVegas.com