24 Month Bank Statement Averaging, 1 Year Taxes or Asset Amortization Loans for Business Owners or Employees.
Self-Employed for the last 2 years: 1 year Taxes or 24 months bank statements.
Employees: w2's and paystubs only for Primary Residence
3, 5, 7 and 10/1 ARM's, 15 and 30 year fixed. Rates in the 4s.
Owner-Occupied, 2nd homes and Investment properties, SFR's and 2-4’s.
Loan to value up to 80% for a purchase, rate and term or cash-out refinance up to 3M.Minimum FICO 620.
Qualifying: Using the Borrower’s last 24 Business bank statements, the net deposits are averaged over 24 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.