Serving ALL Georgia – 2 Georgia Bank Statement Mortgage Lenders Loan loan options
Personal Georgia Bank Statement mortgages: qualify using 100% 12 or 24 months Georgia Bank Statements.
Business Georgia Bank Statement mortgages: qualify on 12 or 24 months average Georgia business Georgia Bank Statement deposits..
if you are self-employed, contract worker, business owner, consultant, or entrepreneur with plenty of bank deposits then we can help you get approved for a Florida mortgage. You do not have to submit any tax returns or financial statements other than your Georgia Bank Statements. Self employed mortgage applicants must prove that they have been in business for 2+ years to purchase a new home or to cash-out refinance.
What is a Georgia Bank Statement Loan?
Georgia Bank Statement loans have taken over the traditional Georgia Bank Statement income loans as an alternative for self employed Florida mortgage applicants who are unable to verify their income by providing the previous two years tax returns, W2s and pay stubs. These loans are called non-QM loans, nontraditional loans or expanded criteria loans that allow other forms of documentation to prove the ability to repay. Just as it sounds, a Georgia Bank Statement loan allows the borrower to verify his or her income with Georgia Bank Statements
Eligible for a Georgia Bank Statement loan:
- 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 Georgia 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 Documents Do I need for a Georgia Bank Statement only Mortgage?
- Proof of income = Your most recent 12- or 24-months Georgia Bank Statements Business or Personal Georgia Bank Statements EVERY PAGE EVEN BLANKS in PDF labeled by month.
- PDF proof of down payment statement= 2 Months Georgia 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 Are the Advantages of a Georgia Bank Statement Loan?
In summary, these are the advantages of a Georgia Bank Statement loan:
- The lender can look at 12 or 24-month Georgia Bank Statements.
- 30 Year Fixed Options.
- Georgia 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 Georgia 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.
Eligibility Requirements for a Georgia Bank Statement Mortgage Loan?
Eligibility for a Georgia Bank Statement requires total deposits minus disallowed deposits. This amount is then divided by the number of Georgia 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 Georgia Bank Statement income from the borrower or assets from the co-borrower and Georgia 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 Georgia 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.
Special Considerations By Georgia Bank Statement Mortgage Lenders
- You can use either business or personal no commingling.
- Use 12 months business bank account or personal account depending on the lender.
- Deposits which are transferred from a business account into a personal account are OK.
- You may combine W2 income with Georgia Bank Statement income as long as the income is not being counted twice.
- Foreign Georgia Bank Statements and Foreign Assets may be considered and must be translated to English.
The Georgia Bank Statement Loan Application Process
To apply for a Georgia Bank Statement loan you would fill out our full mortgage application. Then provide your last 12 or 24 months’ worth of Georgia Bank Statements from a personal or business bank account. Georgia 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.
Georgia Self Employed Bank Statement Mortgage Lenders Eligibility:
- You must prove self-employment for a minimum 1 years.
- Must provide proof of 12-month rental history or and 3-6 months future payments in reserves.
- You must have at least 10%-20 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.
Georgia No Tax Return Bank Statement Mortgage Lenders Popular Pages
