Stated Income Mortgages - 660 credit score +

Bank statement for self employed or VOE  (verification of Employment) for employee 

Stated income mortgage Self employed PA NY NO Doc

We understand the complexities of being self employed - introducing the Bank Statement Loan.

You may have a lot of recent expenses that reduced your profit.    The current year may be more profitable yet you have not filed your taxes yet.  There are many reasons why your bank statements can help you qualify more than your tax returns would.  

If you are self employed and have a credit score of at least 660, we can use your bank statements, rather than tax returns, to verify your income.  90% maximum LTV (10% down) with a 720 minimum credit score.  85% max LTV with a 660 minimum credit score.  Primary residence and second home options available.  $250,000 minimum loan amount.

We average your business and/or personal deposits for 12 months or we can use the 1 month bank statement program.  

Requirements:

  • 2 year minimum self-employed at current business.
  • $250,000 minimum loan amount
  • Must provide most recent bank statement(s) - either 1 month, or for a better rate, 12 months.
  • Deposits should be stable and generally predictable
  • Deposit trend should not be declining
  • Primary residence and second home only.  
  • Rental income can not be used.
  • Personal or business statement options 
  • Gift funds allowed after borrower has 5% down of their own funds
  • 600 minimum square feet of living space

Terms:

  • 10-40 year
  • Interest only, adjustable or fixed rates

VOE Only Program for a W2 employee:

  • Program is available down to a 650 credit score
  • $2500 minimum loan amount
  • Max LTV of 75% for purchase
  • Max LTV of 70% for refinance
  • Up to $5,000,000 loan amount
  • 2-year employment mandated at business
  • Written VOE fully completed for 2-year employment; plus year-to-date by owner or officer of company
  • Verified employment at closing by telephone call or workplace cert
  • No 4506T
  • First-time homebuyers need to qualify:
    • 65% LTV Max OR 60% / 80% LTV/CLTV
    • $2,000,000 Max loan amount
    • Up to 50% gift funds allowed
    • 24 month rental history (must have paid by check or bank debit)

Let us put our experience to work for you. Call Christine at 866-577-7366 with your bank statements available.

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