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Bank Statement Jumbo Mortgage
Bank Statement Jumbo Mortgage
 
It is no secret that the self-employed have their share of challenges when it comes to getting a home loan.  And why wouldn't they?  On one hand, their tax professionals spend hours maximizing their deductions and helping them "write off" every allowable expense and on the other hand, their mortgage loan advisor tells them they have to show more income in order to qualify.
 
The difference of intentions is like two trains moving in opposite directions...
 
Yet, there may be a solution for some of these borrowers.  On both the purchase and refinance side, we have a jumbo mortgage program that allows the self-employed to qualify with bank statements instead of tax return income.  We'll look at 12 months of business and personal bank statements but we won't request pay stubs, W-2 forms or personal or business tax returns.  Here are the key points:
 
Who is Eligible?
This program is a match for the self-employed business owner with two-year history of operating the sole proprietorship, LLC, S-Corp or C-Corp.  We prefer to see 100% ownership of the business but we can make some exceptions to this guideline.  We do not allow any major derogatory events (bankruptcy, foreclosure, short sale, etc.) within the last five ... more

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