Bank Statement Loans For Self-Employed Borrowers

by martyna
Bank Statement Loans For Self-Employed Borrowers

Capital Lending Network, Inc. offers 12 and 24 months bank statement loans for self-employed borrowers with no income tax required.

  • The bank statement mortgage program are for self-employed borrowers
  • It benefits those who show little to no income or even negative adjusted gross income due to writing off unreimbursed business expenses
  • The monthly bank statement deposits over the past 12 months are averaged
  • The average monthly deposits over the past 12 months is the qualified income that is used for debt to income ratio calculations by the mortgage underwriter
  • Withdrawals does not matter
  • For example, if the borrower makes a $10,000 deposit every month and withdraws $9,999.00 the same day, the $10,000 deposit will be used
  • The withdrawal and/or balance does not matter

To qualify, the borrower needs to have been self-employed for at least two years.

Bank Statement Loans For Self-Employed Borrowers Guidelines

Capital Lending Network, Inc. has multiple wholesale bank statement mortgages, lending partners.

What are the guidelines for loans with a bank statement for self-employed borrowers

  • Since bank statement loans are non-conforming loans, our wholesale investors can make exceptions on a per case by case basis
  • In general, the following terms and conditions apply to most of our bank statement mortgage loan programs
  • Need to be self-employed for at least two years
  • Provide the past twelve months bank statements with no bank overdrafts
  • There is no maximum loan limit
  • The minimum down payment required is a 10% down payment
  • The lower your credit scores, the larger the down payment that is required
  • There is no private mortgage insurance required on all non-QM and bank statement loans for self-employed borrowers
  • Mortgage rates mainly depends on the combination of the borrower’s credit scores and the down payment
  • Bank statement mortgage loans are for owner-occupant primary homes, second homes, and investment properties
  • Minimum credit score requirements of 620 FICO
  • Timely rental and/or housing payments in the past 12 months
  • Minimum of 3 credit tradelines that has been seasoned for at least 12 months

The bank statement loan program is one of the most popular at Capital Lending Network, Inc.

Non-QM Bank Statement Loans Versus Traditional Jumbo Mortgages

Self-employed homebuyers now have the opportunity to purchase a high-end home without worries about qualifying for a Jumbo mortgage.

What's the difference between non-QM bank statement loans and traditional jumbo mortgages

  • Traditional Jumbo lenders consider high-end homes as high risk
  • Many will require a 40% debt to income ratio cap and impeccable credit and a 740 credit score
  • They will use the adjusted gross income of the self-employed borrower
  • Our non-QM bank statement loan program has a minimum credit score requirement of 620 FICO
  • Most self-employed wage earners take advantage of the tax benefits which enables them to pay less in taxes
  • However, this often hurts when they apply for a mortgage
  • With the bank statement loan program for self-employed borrowers, self-employed borrowers can now qualify for a Jumbo bank statement loan without the need to worry about qualified income
  • Your deposits will be used to calculated qualified income

To qualify for the 12-month bank statement mortgage loan program, please contact us at Capital Lending Network, Inc. at 262-716-8151 or text us for a faster response. Or email us at gcho@gustancho.com. The team at Capital Lending Network, Inc. is available 7 days a week, evenings, weekends, and holidays.