Bank Statement Home Mortgage Loans

24 months bank statement program – 15% down (85LTV). 660 minimum score. 

12-month bank statement program – 20% down (80LTV). 660 minimum score.

Scores down to 580 with more down payment.

Typically, 6 months of the new payment amount must be in your bank, retirement or stock account as “reserves” at close of escrow.

Maximum DTI (debt to income ratio) 43%, or up to 55% with “compensating factors”, such as extra reserves, your new payment is no more than 10% higher than current payment/rent, 3 years or more with current employer, high credit scores.

Full Interior / Exterior appraisal required.

12 months housing history is required or or rent free letter is required when a 12 month housing history is not applicable

Gift funds are allowed for funds to close, although Applicant must have 5% of their own money.

The business must have a minimum two-year operating history with one of the following; a letter from either the businesses tax professional, regulatory agency or licensing bureau, certifying two-years of self-employment in same business.

Verify that the business is active and operating with either a phone listing and/or business address using directory assistance or internet search e.g. Facebook (Independent Contractors with income reported on 1099s exempt from requirement).

Borrowers must own a minimum of 25% of business to be considered Self-Employed, for use of personal bank statements.

Typically, you should own at least 50% of a business to use business bank statements.

Self Employed/Wage Earner Combination – A Co-Applicant who is a W2 employee may be on the loan with a self-employed borrower.

Property Types: Eligible: Single Family Residences, 1-4 Units, PUDs, Townhouses, Condominiums: Fannie Mae approved (warrantable) 25% down & non-warrantable 35% down.

Ineligible: • Acreage greater than 10 acres (appraisal must include total acreage) • Agricultural zoned property • Condo hotel • Co-ops • Hobby Farms • Income producing properties with acreage • Leaseholds • Log Homes • Manufactured housing • Mixed use properties • Modular homes

Loans with just one-year of tax return loans are also available with 15% down

This is NOT a “stated income” loan. You must prove that you can afford the payment using bank statements to show good cash flow.

Confidential, secure and discrete application process.
702-326-7469 – Talk/Text EMAIL: DSherbondy@AllWestern.com