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 CriteriaDescription
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