Self employed individuals have often struggled to find loans to purchase a home. While they are taking legal tax deductions as business owners, those deductions result in a very low net income on their tax returns. This low net income prevented them from qualifying for a loan.
The good news is there is loan program today for self employed individuals. It is called a 12-24 month bank Statement Loan. With this program, business owners provide 12-24 month's bank statements (both business and personal) to show that they have monthly deposits coming in. A percentage of those average monthly deposits are used as income. No tax returns are required!
Requirements
- Minimum of 10% down
- Credit Scores as low as 500 with compensating factors
- Primary Residence only
- Purchase or Refinance bank statement loan
- 12-24 Month's bank statements needed depending upon the lender
Click to connect with us and get a quote for a bank statement mortgage
Check out this Arm Mortgage Calculator if you think you may be interested in an adjustable mortgage.
We are able to help you to find a bank statement loan with the best bank statement lenders in all 50 states.
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