At JZ Mortgage Services, Inc., we find financing solutions for borrowers with all types of needs. Traditional home loans – and the traditional loan qualifying process – aren’t for everyone. Many self-employed borrowers, for example, are great candidates for home financing, but may not qualify for conventional financing because their tax returns don’t reflect their true worth as a borrower. These people and others with alternative types of income are welcome at JZ Mortgage Services, Inc., where we offer different types of financing like bank statement loans. Read on in this week’s blog to find out more about this unique type of mortgage solution and contact us to schedule a meeting in Bradenton, FL.

Bank statement loans are great for clients who can provide different types of documentation that shows they have enough income to cover the cost of a home, but that income may not show up on tax returns. Self-employed people, those with seasonal income, and independent contractors often have difficulty getting this traditional financing. Our bank statement loan program is one solution for these borrowers.

Qualifying for a Bank Statement Loan

The bank statement program does not require tax returns or W2s at all. Bank deposits, instead, are used to determine how much money a borrower is depositing each month, both in personal and business accounts. Lenders typically require at least 12 months of personal bank statements and 24 months of business statements, then use this to determine average monthly income and how much a client could afford on a mortgage payment. Borrowers may also provide a profit and loss statement from a CPA, especially if you use a single account for personal and business finances.

To qualify for a bank statement loan, you should have good or better credit (usually a score of at least 680 is required). Financing may be available for up to 90% of the home’s value, which means you’ll need to supply at least 10% or more as a down payment, depending on your financial status.

Uses for Bank Statement Loans

Some of our clients use bank statement loans to purchase primary residences, while others buy second homes or investment properties with these mortgages. Depending on an applicant’s income, we also offer jumbo loans (which exceed traditional lending limits set by mortgage giants Fannie Mae and Freddie Mac). To secure a high-value loan using bank statements, you’ll need to provide a larger down payment of at least 20% or more.

We offer both fixed and adjustable rate bank statement loans, with 30-year fixed and 30-year fully amortized options. We work with top national lenders who offer some of the most competitive interest rates.

Your Partner in Financing

If you’d like to learn more about bank statement loans, our home financing professionals are here to help. We’re here to find solutions for clients who may not fit the traditional mold of a borrower, but who nonetheless are great candidates for home financing. Contact JZ Mortgage Services, Inc., about financing in Bradenton, FL, today.