Alabama bank statement loan is a loan program that allows a self employed Alabama mortgage applicants to use twelve month to twenty four months bank statements instead of showing tax returns. This loan benefits small business owners and self-employed individuals. Bank Statement loans have become increasingly popular because of their flexibility in showing proof of income and less red tape then government loans. These loans carry a greater risk for the lender which can translate into higher interest rates, then conventional loans. Alabama Mortgage Services is a leading provider of Bank Statement loans in all self employed Alabama mortgage applicants !

Advantages of an Alabama Bank Statement Mortgage Lender

There are a few advantages to this loan program including the flexibility, which the lender gives the self employed Alabama mortgage applicants. The lender uses the bank statements to qualify a loan based on the amount of money one makes and how reliable one is when repaying loans. Another advantage to this loan program is that no tax returns are needed in order to qualify. Alabama self employed mortgage lenders have discovered that tax returns do not always show an accurate amount of income made due to tax reductions.
No Tax Return Alabama Mortgage Lenders

Typically Alabama mortgage lenders require detailed tax returns to determine a self employed Alabama mortgage applicants lending worthiness. Small Alabama business owners and self-employed people can use this loan program to their advantage. It was discovered that tax returns do not necessarily reflect your true income. Alabama Self-employed persons can take advantage of the tax deductions, hence reducing their taxable income and Uncle Sam does not have to empty their pockets during tax time.

How to Qualify for a Alabama Bank Statement Loan

To qualify for a Alabama Mortgage Lenders bank statement loan you must provide at least 12 or 24 months of bank statements. This data will determine if you can qualify and how much a lender will lend you for this loan program. If you gain at least 25% of your income from a business which you own, then you have met a requirement. For more information on how to qualify for a bank statement loan contact us!

Alabama Bank Statement Loan Checklist

• 12-24 month bank statements
• Valid identification ( Driver’s license and or passport)
• Social Security Card
• Assets ( retirement plan, mutual funds, or savings)
• For business owners a copy of your business permit or license may be required

ALABAMA BANK STATEMENT ONLY ALABAMA MORTGAGE LENDERS

• Use 100% of the deposits
• Must provide 2 months Alabama business ALABAMA BANK STATEMENT s to verify where deposits come from.
• NO more than 6 NSF in the last 12 months.
• Minimum 600 FIco Score Prime ALABAMA BANK STATEMENT Mortgage Lenders
• Minimum 600 fico for Standard ALABAMA BANK STATEMENT mortgage Lenders

12 MONTHS PERSONAL ALABAMA BANK STATEMENT ALABAMA MORTGAGE LENDERS

• 2 months Alabama business ALABAMA BANK STATEMENT s required
• 80% Loan to Value
• 4 years proof of self employment
• Prime ALABAMA BANK STATEMENT mortgage lenders only

24 MONTH Alabama business ALABAMA BANK STATEMENT ALABAMA MORTGAGE LENDERS

• 24 months Alabama business ALABAMA BANK STATEMENT s.
• Minimum 25% ownership in the Alabama business
• 3rd party CPA, Enrolled Agent, Or Reputable Bookery letter to verify experiences.
• MInimum 600 fico score
• Standard ALABAMA BANK STATEMENT mortgage lenders only

ASSET EXPRESS ALABAMA MORTGAGE LENDERS PROGRAM

• Liquid assets that total the entire principal balance with 5 years other expenses
• Excluding principal and interest on subject qualifies.
• All qualifying assets must be inthe  bank or brokerage account.
• Assets must be seasoned for at least 6 months.
• 75% Maximum Loan to value.
• Credit grades A,A-, B+

ASSET ASSIST ALABAMA MORTGAGE LENDERS LOAN PROGRAM

• Liquid assets qualify for borrowers income with other income.
• Qualifying assets in the bank or brokerage account.
• Assets must be seasoned for at least 6 months.
• Credit grades A, A, B All parties on shared accounts must b on the loan.
• Owner occupied, 2nd homes, non owner occupied homes

LEASE AGREEMENT ALABAMA MORTGAGE LENDERS PROGRAM

• Use lease agreements interest of schedule Es.
• 80% of the least agreement used as income
• Rents must be typical for the area
• Credit grates A, A-, and B.
• Owner occupied, 2nd homes, non Owners occupied.

Apply for a Alabama Bank Statement Loan

If you are thinking about utilizing a bank statement loan to purchase a home, we highly recommend the above benefits. Alabama Mortgage Lenders  is a leading provider of Bank Statement loans in all Alabama!

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