12 Month Bank Statement Averaging, 1 Year Taxes
Loans for Business Owners and Employees.
For Business Owners: No Taxes, w2's or executed 4506T are required.
Must be Self-Employed for the last 2 years.
Realtors are considered self-employed.
For Employees: w2's and paystubs only on Primary Residence.
3, 5, 7 and 10/1 ARM's, 15 and 30 year fixed. Rates from 5%.
Owner-Occupied, 2nd homes and Investment properties, SFR's and 1-4’s.
Loan to value up to 80% for a purchase, rate and term or cash-out refinance up to 3M.
Minimum FICO 620. Interest only payment available.
Qualifying: Using the Borrower’s last 12 Business bank statements, the net deposits are averaged over 12 months that figure is used as the qualifying income with 45% DTI based on net deposits and debts on the credit report and with the new mortgage. 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. Gift funds allowed.
Fees: 1.5 points in a Holding Escrow, to be opened by the client before loan submission, and 100% refundable if no close of escrow or cancelation.