Is a Bank statement loan right for you?
Perfect for self-employed borrowers who make good money but have heavy write-offs on their tax returns. Self-employed individuals take on extra risk by owning/operating a business and therefore the IRS rewards them with more advantageous tax write-offs. With this loan you can have the best of both worlds, keep your tax liability low and be able to purchase your dream home.
Benefits of a Bank Statement loan
- Traditional income documents are NOT needed. Only use banks statements to document income to qualify.
- Less paperwork and less hassle having to explain your complexed income structure to the underwriter.
- 30-year fixed rate terms available, with the flexibility of an interest only payment or fully amortized (P&I) payment. You pick!
Bank Statement loan eligibility requirements
- 600 min FICO score
- 10% down payment
- Must be self-employed.
- Loan amounts up to $4 million (with min 720 FICO & 30% down payment)
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