Utmost Pro, Inc-1-844-488-6678-NMLS 1516640
Bank Statement Mortgage Loan Program
A bank statement mortgage loan program refers to a type of loan that is specifically designed to help borrowers who want to purchase a home. This program is unique in the sense that it uses bank statements to accurately calculate the borrower’s income. What this means is that unlike traditional loan types that require tax returns and W-2s during the qualification process, borrowers can take advantage of this loan type using alternative documentation.
In terms of benefits, the bank statement program is incredibly useful for individuals who do not have access to traditional forms of income. This could be someone who is self-employed or someone who has irregular income. With this loan program, borrowers can demonstrate their ability to repay the loan without having to rely on the standard means of documentation. Ultimately, if you’re looking for a flexible loan option that meets your unique needs, then the bank statement program may be the perfect fit for you.
GUIDELINES
- 30 year fixed, 15 year fixed and 7/6 ARM Plus 7/6 Interest Only
- Minimum 12 Months Bank Statement Needed
- Minimum credit score is 620
- Up to Max 80% LTV with No MI
- Max DTI 50%
- Allowed on Non-Warrantable Condos
- 12 months Business or Personal Bank Statements
- Primary residence and investment homes
- Source of Large Deposits not Required
- No 4506-C Or Tax Returns Required
- Now Offering Interest Only Option
How is income determined for a bank statement mortgage loan?
As the name suggests, bank statement programs enable borrowers to qualify for a mortgage based on their bank statements instead of their tax returns and W-2s. In short, deposits into your bank account serve as income when you apply for a mortgage.
As long as regular deposits appear on your bank statements, you should be able to qualify for the mortgage assuming the deposits enable you to afford the monthly payment, property tax, homeowners insurance, and other housing-related expenses. The more steady the deposits and income, the better from the lender’s standpoint.
Many bank statement programs require statements for the most recent twelve months to verify your income. We will calculate your income based on your bank statements and issue pre approval.