One Month Bank Statement Program for Self-Employed Borrowers
Being self-employed can be great for many reasons, but it when it comes to purchasing a home, it may be a bit of a challenge to get approved. You may not have the traditional documentation that lenders look for in order to approve borrowers for a mortgage but may be more than capable of repaying your loan. This is where bank statement loans come into play. Instead of using tax returns and W2 statements, self-employed borrowers can use their bank statements as proof of income and to qualify for a mortgage.
JZ Mortgage Services, Inc. specializes in bank statement loans for self-employed borrowers throughout Bradenton including our One Month Bank Statement Program. Traditionally, to qualify for a bank statement loan, you will need to provide 12 to 24 months of bank statements. Our One Month Bank Statement Program allows borrowers to qualify with just one month’s bank statement.
Program Details:
- Self-employed Borrowers (two-year history required by (i) CPA Letter or (ii) Business License)
- U.S. residents
- Income is ATTESTED to and DECLARED; CSC Underwriter to confirm reasonable for job and compare to credit usage / history – deposits into account are not the determinant figure
- First Time Home Buyers Qualify, More Below***
- Purchase Max LTV of 75%
- Refinance Max LTV of 70% (rate and term or cash out)
- Borrowers with a minimum Credit Score of 650
- Borrowers with a minimum credit depth of one (1) account of five (5) years & minimum of two (2) accounts with a two (2) year history, each paid as agreed
- No credit events within the last five (5) years including and mortgage (minimum twenty four (24) month recent mortgage history required)
- No charge offs, collections, or tax liens in the last three (3) years
- Maximum loan amount of $5,000,000
- Minimum loan amount of $150,000
- Owner-occupied transactions
- SFR / Condo / Townhouse Property Types
- Most recent personal account’s bank statement with no NSFs and positive ending statement
- Closing Funds may come from the account provided for qualifying income and an Escrow Deposit Receipt is required (only one month’s statement is required for assets)
- Reserve funds are not required
- CSC’s customary 5/1, 7/1 or 30yr programs
- Cash out is unlimited, unless otherwise limited specific within CSC’s programs generally
- Secondary Financing is not allowed
- Property must be in good condition and conform to the area
- No rural properties
***First-time homebuyers qualify…***
- 65% LTV Max OR 60% / 80% LTV/CLTV
- $1,000,000 Max loan amount
- Up to 50% gift funds allowed
Bank statement loans may not be for everyone, but for self-employed borrowers with strong income who are financially responsible, they can be a great option for securing a mortgage. For more information on our One Month Bank Statement Program and other bank statement loan offerings, contact JZ Mortgage Services, Inc. today.