- 12 Month Bank Statement Averaging for Self-employed Business Owners
- 1 Year Taxes
- Asset Amortization
No Taxes, w2's or 4506T are required.
Must be Self-Employed for the last 2 years.
Must be Self-Employed for the last 2 years.
Realtors are considered self-employed.
Use instead of Stated Income.
3, 5, 7 and 10/1 ARM's, 30 years amortization. Rates from 3.875%.
Owner Occupied and Non-Owner Investment properties, SFR and 1-4’s.
Loan to value up to 70% for a purchase or rate and term refinance to 4M
LTV up to 70% for a Cash out Refinance to 3.5M
Interest only payment available.
Minimum FICO score is 720 for purchase and 740 for cash-out.
Bank Statement Qualifying - Using the Borrower’s last 12 primary Personal bank statements, we average the gross deposits, draws and wires from your business and use that as the income to qualify for the loan.
OR
by using the Borrower’s last 12 primary Business bank statements, we average
the net deposits, less withdrawals and use that as the income to qualify for the loan.
45% DTI based on deposits and debts on the credit report and with the new mortgage.
45% DTI based on deposits and debts on the credit report and with the new mortgage.
We need proof of 12 months PITIA reserves for the subject property seasoned in the
bank for 60 days on Owner Occupied and 12 months reserves on all debt on Non-Owner properties.
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