BANK STATEMENT LOANS ARE FOR SELF-EMPLOYED BORROWERS WHO’S
TAXABLE INCOME MAKES THEM INELIGIBLE FOR CONVENTIONAL LENDING
90% LTV for Purchases -Low Rates with Buy Down Options
Most Banks/Lenders offer one or two bank statement program’s for their self-employed borrowers. At 1st Florida Lending, we offer more than 14 Programs with the low rates and streamlined processing, even for the most challenging loan scenarios.
14 Self-Employed Solutions
Self-employed Business owners, Freelance employees, 1099 Consultants, Contract workers, Independent Contractors, Sole proprietors, Online retailers, Economy workers, Realtors, Entrepreneurs and many other types of Self-Employed scenarios.
Seasoned Loan Officers
We understand what it takes to close bank statement loans. The first ingredient, is an experience loan officers who originate our bank statement loans These loans are all manually underwriting (no software is utilized like FHA Loans) with 4 x the paperwork.
Advantages of Bank Statement Loans (Below are highlights of our 14 + Self-Employed Bank Statement Loan Programs)•12 & 24 Months Business or Personal Statements•Borrow up to 90% of your primary homes value •100% of Deposits on Personal Statements is utilized in Analysis •Use Up To 85% of Deposits on Business Statements s utilized in Analysis •No tax returns required or 4506 required to qualify•Min $150,000 up to $5,000,000 (need more? Ask your Loan Officer )•Low Rates and Buy Downs with some programs •Min 600 Fico permitted •No Mortgage Insurance (all programs)•No Prepayment Penalty (all programs)•SFR, Condos, Town house and 2-4 Units•Non-warrantable condos OK •5/1 & 7/1 ARM’s or 30 year Fixed •Borrower does not have to be 100% owner of the business•Multiple bank accounts are permitted in some programs•P&L statements NOT required on most programs•Owner-occupied, 2nd homes and investment properties •Bankruptcy, Foreclosure, Short Sale (Min 2 years out) •Common-sense consideration of NSFs and overdrafts•Some reserves required depending on credit and loan amount•Purchase, Rate/Term and Cash-Out Refinancing•Co-Borrowers may use non self-employment income sources like W2, rental retirement, social security and pension. NEW AND UPDATED PROGRAMS! ONE (1) YEAR PROGRAM BANK STATEMENT PROGRAM W2 wage earners who changed status to self-employed One (1) year or more ago but have not been self-employed for a full two (2) years.• Up to 80% LTV• Last 12 months bank statements plus last two years W2's • 600 Min FICO• Up to $4,000,000 Loan Amount1099 CONTRACTOR INCOME - NO OTHER INCOME DOCUMENTATION NEEDED• Up to 80% LTV• 2 Most Recent Bank Statements• 600 Min FICO• Up to $4,000,000 Loan Amount
Self-Employed Bank statement loans are popular with some of thes types of borrowers:
Qualifying for a Self-Employed Bank Statement LoanBank Statement Loans are utilized by a wide range of self-employed professionals, including Business owners, Freelance employees, Consultants, Contract workers, Independent contractors, Sole proprietors, Online retailers, Economy workers, Realtors, Entrepreneurs and many other types of self-employed people, etc... Being self-employed it can be difficult to obtain a mortgage. The facts are that most self-employed would agree that their tax returns don't really show their true income as many tend to write off many expenses over that a W-2 wage earner. Regardless of what you make for income, tax write-offs and deductions reduce your taxable income that can affect your debt-to-income ratios. As a result, your net taxable income (after deductions) may disqualify you for a traditional mortgage for purchasing and/or refinancing ! Q. How do we calculate income utilizing personal bank statements or business bank statements? •Personal Bank Statement Loan: Income received for your goods and/or services is payable to your personal name and deposited into your personal bank account. •Business Bank Statement Loan: Income received for your goods and/or services is payable to your business name and deposited into your business bank account. Determining Qualifying Income•We use total bank statement deposits to establish a monthly qualifying Income. Eligible income is calculated differently between a personal bank statement and business bank statement loan. •Personal Bank Statement Loan: We count 100% of your deposits which is utilized in Analysis •Business Bank Statement Loan: : We count up to 85% of your deposits which is utilized in Analysis