Bank Statements Loans

Bank Statements Loans are designed for borrowers with non-traditional income and lending needs, such as self-employed borrowers and foreign nationals.  Self-employed borrowers qualify using bank statements for the most recent 12 months’ period.  100 % funds from a personal account, or 50% funds from a business account are used to qualify at 43% DTI. One borrower must be self-employed and may have a W-2 co-borrower.

Lending Criteria Description
Purpose:
  • Purchase and Refinance
Property Type:
  • Single Family Residence (1-4)
  • Condominium
  • Townhomes
  • Planned Unit Developments
Max Loan-to-Value:
  • Purchase: 80%
  • Refinance: 80%
  • Cash-out: 75%
Minimum Credit Scores:
  • 680
Prepayment Penalty:
  • None
Maximum Debt-to-Income (DTI):
  • 43%-50%
Recourse:
  • Yes
Broker Fee:
  • 1-2 points (subject to loan)
Terms:
  • 30 / 15-Year Fixed
  • 5 / 7 / 10-Year ARM’s
  • 5 / 7 / 10-Year ARM’s – Interest Only
Loan Amounts:
  • $100,000 – $3,000,000
Maximum Cash-Out:
  • $1,500,000
Closing Timeframes:
  • 45-60 days
Amortization:
  • 15 & 30-Years
Collateral:
  • 1st Trust Deed
Other Costs:
  • All 3rd Party Fees
This information is NOT a loan approval or commitment to lend. The actual loan amount, interest rate, fees, costs and monthly payment on your specific loan transaction can vary and will depend on your choice of loan product and your unique credit profile. Loans (in CA) will be made pursuant to BRE License #02001852 & NMLS License #1463667. Loan Brook, Inc. is an equal housing lender