Bank statement Loans were created for self-employed borrowers to purchase or refinance. Since tax returns are not required, this could be a great option for credit worthy self-employed
Borrowers need to have two years of self employment*. 12 -24 Months of bank statements will be used to average income. Tax returns, w-2’s or pay stubs are not required.
Often with a mere 10% down payment, there is no mortgage insurance required*. This saves borrowers thousands. The minimum credit score is 600 and there is only a two year seasoning
requirement for foreclosures, short sales, bankruptcy or deed -in-lieu of foreclosure.
Bank Statement Programs are a great way for self-employed borrowers to purchase, refinance or take cash out of their homes.
*Not all self-employed borrowers will qualify. Additional documents may be required for eligibility.