Are you self-employed? Do you earn seasonal income? Do you have an irregular stream of income? A bank statement program may be perfect for you.
How does it work?
A typical loan program requires you to prove your income with tax documents, W-2s, and proof of regular payroll checks.
With a bank statement program, to prove your income we use the last 12 or 24 months of your bank statements. Deposits will be counted up to prove your total income. This can be from a personal or business account.
When using a personal account 100% of the deposits made can be used towards qualifying. With a business account, 50% of deposits can be used to qualify.
Qualifying for a Bank Statement Program
Minimum loan amount of 150,000
Maximum loan amount of 5,000,000
The home must be owner-occupied
Minimum credit score of 660
Must be resident of United States
Purchase & Rate Term Refi Maximum LTV (Loan to Value) of 90%
Cash Out Refinance Maximum LTV of 85%