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GEORGIA BANK STATEMENT – NO TAX RETURN MORTGAGE LENDERS

Many Georgia Self-employed business owners agree that their tax returns do not accurately show their ability to make a mortgage payment. The Georgia self-employed borrower tends to write off and or deduct many expenses that a salaried / W2 employee is not able to.The result of the extensive write-offs, the income on their tax returns may not qualify for a traditional Georgia bank mortgage to purchase and or get the loan amount they need to purchase the Georgia home of their dream. Georgia Bank statement mortgage lenders provide an alternative income solution offered by certain Georgia bank statement only mortgage lenders to help self-employed borrowers qualify for a Georgia mortgage with NO TAX RETURNS!

We offer Stated Georgia Bank Statement Georgia Lenders via Bank Statements Only to Verify income!

  • BANK STATEMENT ONLY GEORGIA MORTGAGE SUMMARY!
    10% Down payment requirement using Business or Personal Statements.
  • • 100% of Deposits for Personal Statements! NO TAX RETURNS NEEDED!
    • 100% of Deposits for Business Statements! NO TAX RETURNS NEEDED!
  • Need Stated Profit and Loss using business. 
    • Don’t look at Withdrawals!
    • Minimum 600 Fico!
    • No Reserves!
    12 or 24-Month Business or Personal Bank Statement Only Mortgage Lenders. Case by case 20 months only Georgia bank statement only approvals!

www.Georgia-Mortgage-Lenders.com

or 75% GEORGIA NO DOC COMMERCIAL MORTGAGE LENDERS


RELATED SELF EMPLOYED GEORIGA MORTGAGE LENDERS PAGES!

  • ALLOWABLE GEORGIA BORROWER TYPES:
  • Self Employed write off all their income!
  • 1099 Contractors that write off all their income!

BUSINESS OR PERSONAL BANK STATEMENT DEPOSITS:

      • Personal Bank Statements 100% of Deposits Add all deposits for all 24 months and divide that amount by 24 to receive the monthly income amount we will apply as the Georgia bank statement only mortgage qualifying income.Ex. 24 months deposits total = $200,000 / 24 = $8,333 a month income.
      • Business Bank Statements:  Add all business deposits for all 12 months and then divide by 12 to receive the gross monthly income amount we will give to the borrower. After than provide a profit and loss for the last 24 months of projected expenses to determining your business bank statement qualifying income. Business bank statement only example. Add up all 24 month deposit total = $500,000 / 24 = $20,883 a month income. Your stated profit and loss shows 30% expenses. 20,833 x 70% profit = $14,583 monthly qualifying income. 

www.Georgia-Mortgage-Lenders.com

BANK STATEMENT MORTGAGE DETAILS:

      • Only deposits can be used Transfers are NOT counted on personal or business bank statements. 
      • Must have 24 consecutive months of statements (no gaps) case by case only 20 months.
      • Must provide All pages (even the last pages with advertising)
      • Cannot commingle (use two different accounts) statements.
      • If account was used and closed and new account for remainder of statements must show closing of old account and opening of new account
      • Bank transfers may be accepted for Georgia business statements when they come from credit card clearing houses (examples: Paypal, Square, AMEX, etcetera).  Case-by-Case and must be considered normal for the company.
      • Multiple bank accounts are considered on a case-by-case when one account is closing and reopening new account, or (b) for Business accounts that are two different and autonomous businesses.

WHO IS A BANK STATEMENT ONLY MORTGAGE FOR? Are you self-employed in Georgia and trying to purchase a GA home? Or, do you earn bonus, commission or seasonal income? Are you a Georgia consultant, promoter, tax-preparer, freelancer, artist or other Georgia professional with an irregular Georgia income stream? Or do you just write off all your income on your tax returns? If so, then our Georgia Bank Statement Mortgage Lenders Program may be perfect for you!

HOW DOES A BANK STATEMENT ONLY MORTGAGE WORK?Simple. Instead of requiring your last 2 years of tax returns, W-2s, or proof of regular payroll checks, we base our Georgia Bank statement only mortgage loan approvals on a combination of your Georgia Bank statements and a Profit & Loss statement for your Georgia business deposits.

Even if you earn your income in just part of the year, as long as you maintain Georgia Bank accounts documenting your Georgia business income or Georgia Personal income Bank statement deposit stream we can help you qualify for our bank statement only mortgage!

Our Georgia mortgage lenders offer three Situations for our Bank statement only Georgia mortgage lenders program: 

Situation 1 – Your Georgia Personal and Georgia business Finances Utilize a Single Account
•             GA mortgage applicant provides Georgia Bank statements from the most recent 12 consecutive months
•             GA mortgage applicant provides a Profit & Loss (P&L) statement prepared by a CPA or a Licensed Tax Preparer
•             The expenses shown on the P&L must be reasonable considering the borrower’s type of self-employment
•             The P&L will be the primary source for information to qualify the borrower
•             The revenue from the P&L will be supported by the Georgia Bank statements the borrower provides
•             The Georgia Bank statements must reflect deposits no less than 5% of the revenue stated on the P&L
•             The underwriter reserves the right to request Georgia Bank statements from up to 24 consecutive months
Situation 2 – You Maintain Separate Georgia Personal and Georgia business Accounts
•             No P&L Statement is required
•             Only your Georgia Personal Georgia Bank statements will be considered to determine eligibility
•             Borrower provides Georgia Personal Georgia Bank statements from the most recent 12 consecutive months in addition to Georgia business Georgia Bank statements from the most recent 3 months (in order to verify the maintenance of separate accounts)
•             Annual deposits are averaged to determine monthly income
•             The underwriter reserves the right to request Georgia Bank statements from an addition 12 consecutive months
•             If an optional P&L prepared by a CPA or a Licensed Tax Preparer is provided, that will determine borrower’s monthly income(For both Situation 1 and Situation 2, the information provided must support the size of the requested transaction. Inconsistencies may necessitate additional documentation such as tax records.)
Situation 3 – You Only Use Georgia business Georgia Bank Statements to Qualify your Loan
•             GA mortgage applicant provides Georgia business Georgia Bank statements from the most recent 12 consecutive months
•             GA mortgage applicant provides a Profit & Loss (P&L) statement prepared by a CPA or a Licensed Tax Prepare.
•             The Georgia Bank statements must reflect deposits no less than 5% of the revenue stated on the P&L(In all 3 Situations, issues such as Non-sufficient Funds (NSF) or Over-Drafts, even if so-called Overdraft Protection is utilized, may have a bearing on the underwriter’s decision. In general, a maximum of 3 NSF notices per 12 consecutive months will be allowed, whether they occurred in a single month or over the entire 12-month span. Exceptions may be allowed on a case-by-case basis, under review of the underwriting manager.)
BANK STATEMENT ONLY MORTGAGE LENDERS LINKS OF INTEREST 

10%DOWN+Georgia Self Employed Mortgage Lenders – WE SAY YES!

Most suitable for GA Bank Statement GA borrowers!

– No Tax Returns Required
– 12-24 months Personal/ Business bank
– Bank Statement Deposits Used To Qualify
– Loans Up To $3 Million (Minimum $150,000)
– Credit scores down to 620
– Interest Only Available
– Personal To 90% LTV (No MI), business to 80% LTV
– 5/1 ARM or 30-year fixed
– Seller Concessions To 6% (2% For Investment)
– 2 Years Seasoning For Foreclosure, Short Sale, BK, DIL
– Owner-Occ, 2nd Homes, And Investment Props
– Non-Warrantable Condos Considered
– Gift Funds Allowed
– No Pre-Pay Penalty For Owner-Occ 2nd Homes
– SFRs, Townhomes, Condos, 2-4 Units

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SERVING EVERY CITY IN GEORGIA 

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