Help the environment by using our paperless bank statement system!
The mortgage process is notoriously paper-intensive. The paperwork requirements for non-qualified mortgages (non-QM loans) can be murky. If you’re a self-employed borrower exploring non-QM loan options, we can help you receive the money you need with less hassle and fewer questions.
We at SteveKnowsLoans are excited to introduce our streamlined one-page bank statement offering. Borrowers who don’t meet the requirements for the bank statement program can still apply for this alternative loan option.
What You Need to Know About Banking Software
Self-employed borrowers, seasonal workers, and those with other non-standard income sources are the target audience for bank statement lending programs. They don’t need as much tax paperwork as some other lending schemes. Instead, your bank statements and P&L statements will be reviewed to determine eligibility.
Borrowers might utilize bank statement programs in a few key ways. The following are acceptable forms of collateral for a bank statement loan:
- Profit and loss statements are the most important financial records.
- Your most recent year’s worth of personal bank statements
- Past year’s business bank statements
Summary of Key Features on a Single Bank Statement
For non-conventional borrowers, our one-page bank statement program simplifies the mortgage application process. What you need to know to be successful in real estate is as follows:
When applying for a mortgage through our One-Page Bank Statement program, we only need the first page of your business bank statement, which shows your company’s profit and loss.
- An income statement covering either 12 or 24 months will do.
- The maximum loan-to-value (LTV) ratio for a home purchase is 90%.
- For refinancing with cash out, the maximum LTV allowed is 80%.
- Our one-page bank statement loan program allows for loan sums as high as $4 million.
- A debt-to-income (DTI) ratio of 50% or less is often acceptable for mortgage approval.
- To be eligible, you must own at least 50% of the company.
- Profit and loss statements are sufficient for borrowers to verify qualification. Providing months’ worth of business and personal bank statements to verify that you can afford the loan is unnecessary.
Get in touch with SteveKnowsLoans today!
Are you sick and tired of having your revenue stream disqualified from real estate opportunities because it shouldn’t? SteveKnowsLoans believes that just because you don’t work a traditional 9-to-5 job doesn’t mean you shouldn’t be able to get a mortgage. For additional information on our non-QM options, such as our cutting-edge One-Page Bank Statement program, please contact SteveKnowsLoans now.
Get in touch with one of our lending advisors today.
Call Steven Jackson at 813-616-9411 now!
