A Bank Statement mortgage lender is often a great mortgage option for eligible self-employed borrower that take advantage of as many tax write offs as possible. These write off usually make it hard for a self employed mortgage applicant to qualify the mortgage and home purchase of their choice. The bank statement only mortgage   program uses the borrower’s business or personal 12 or 24 months bank statemen average  to calculate income. Georgia Bank statement mortgage lenders can calculate income without using tax returns, 4506T or w-2’s. The bank statement only mortgage program is  a new option for Georgia self employed mortgage applicants.

• • Proof of income = Your most recent 12- or 24-months bank Statements Business or Personal bank statements EVERY PAGE EVEN BLANKS in PDF labeled by month.
  • PDF proof of down payment statement= 2 Months Bank Statements to source funds..
  • Proof of 2 years in the same business or line of work = To include business licenses or satisfactory evidence of self-employed to cover previous 24 months that could include: Articles of incorporation, 2 years of 1099 s, Business license more than 2 years or accountant letter stating more than 2 years in the same business.
  • Obligations = Divorce decree, Child support or court order required payment statements. Only if applies.
  • ID = Driver’s license, SS Card.
  • Mortgage Statements = For rental properties including taxes and insurance statements. Only if applies.
  • W2 or 1099= If you have separate W2 or 1099 income you would like to use to qualify please provide.
  • Purchase and Sale Contact. Only if you have one.
  • Verified Timely Rent Payments- For Purchases Only – Please send front and backs of checks clearing your account or wire transfer’s for the most recent 12 months to verity timely rental payments.

What Does The Bank Statement Mortgage Loan Application Process Look Like?

To apply for a bank statement loan you would fill out our full mortgage application. Then provide your last 12 or 24  months’ worth of bank statements from a personal or business bank account. Bank statement mortgage loans are processed through a manual underwriting process. This means the income is calculated by a person so the process can take 24 -48 hours.

Am I Eligible for a loan with No Tax Returns Using Bank Statements For Income?

• You must prove self-employment for a minimum 2 years.
• Must provide proof of 12-month rental history or and 3-6 months future payments in reserves.
• You must have at least 10% down.
• You must have 4-6 months of PITI reserves
• You may qualify with as little as a 12-months bank statement.
• You must have a credit score of 600 or above to qualify.
• The minimum loan amount is $100,000, and the maximum loan is $5,000,000.

What Are the Advantages of a Bank Statement mortgage Loan?

In summary, these are the advantages of a bank statement loan:

• The lender can look at 12 or 24-month bank statements.
• 30 Year Fixed Options.
• Bank statement only mortgage lenders do not need to look at your tax returns.
• Your income statements are made up of the average monthly income deposits.
• You can get a bank statement home loan for as little as 10 percent down.
• You can do a cash-out refinance.
• You can borrow up to $5 million.
• Debt to income ratio up to 55 percent.

What Are The Eligibility Requirements for a Bank Statement Mortgage Loan?

Eligibility for a bank statement requires total deposits minus disallowed deposits. This amount is then divided by the number of bank statements, whether it is the 12 or 24 months statement.

Another option is that if the co-borrower is a W2 employee you can use a hybrid of W2 and tax return income from the co-borrower and bank statement income from the borrower or assets from the co-borrower and bank statements from the borrower. Non-QM loans can use multiples sources of blended incomes to qualify.

Deposits which are disallowed in regards to a bank statement loan include transfers between bank accounts and cash or large deposits, which can raise a level of concern and may require a letter of explanation.

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