Borrowers who are self-employed or who have non-traditional sources of income may have trouble qualifying for conventional lending programs because these loans typically require tax records, pay stubs, and W-2s. Professional loan officers at SteveKnowsLoans search for suitable mortgage programs for every borrower, regardless of income documentation. Our personal bank statement loan program makes it possible for applicants to get mortgages with nothing more than their own bank statements as proof of income.
Financing with a Personal Bank Statement
As a mortgage broker, SteveKnowsLoans shops around for the best possible rate and terms for each of its consumers with a wide variety of lenders. In order to satisfy the needs of our clients, we partner with a wide range of lenders who provide conventional and alternative mortgage programs, such as those who provide loans based on a borrower’s personal bank statements.
Credit Based on Your Own Bank Statement
The following terms may be available for financing for self-employed borrowers with 12 months of bank statements:
- Cash advances up to $2,500,000.
- Cash-out loans of up to $1,000,000 with flexible repayment terms
- An 85% loan-to-value cap may be in place.
- Our limit for total debt is 43%.
- A score of 620 or higher is required
- Financing options include both fixed-rate and variable-rate mortgages, as well as interest-only loans.
Even if your credit score is lower than the minimal requirement of 620, you may still be able to get a loan if you can prove your steady financial history by showing 24 months of bank records. Our 24-month bank statement loan program includes the following terms and conditions:
- Cash withdrawals of up to $1,000,000 are permitted for loans up to $2,500,000.
- There is a 90% LTV cap on all loans.
- The limit for total debt is 50%.
- Required minimum FICO score is 580.
- Loan terms can be either fixed or flexible, or they might be interest only.
Reach out to us right away!
Loan officers at SteveKnowsLoans take great satisfaction in their ability to match consumers with the most suitable loan product. One of the many loans we offer is based on the borrower’s personal bank statement. Get in touch with a loan specialist at our company today.
Call Steven Jackson at 813-616-9411 now!
