Thank you for joining me in another Blog Post, which this one is a great one to read about. Not a lot of people understand the different finances that people handle themselves, especially for self employed clients. We run into this a lot where people may not claim their full amount of income, because of expenses, and other things. That is why as a Broker, I pride myself on options for our clients to help them succeed no matter the circumstance of their income. One of those products are called Bank Statement Loans.
Bank Statement Loans are a great option for Self Employed Buyers, who can provide their income from either 12-24 month of bank statements. This is great because we don’t have to look at taxes for this, but strictly document verified deposits into their personal or business accounts for income. We would simply add up what could be verified and divide that into a 12 or 24 month average for the client and then that would help go into the equation for the debt to income ratio.
We have many lenders that offer this, but one of our most competitive lender requires a minimum of 680 Credit Score for 10% down, 15% down if you need your credit score to be above 640 and 20% down for those that their credit starts from 620 and above. I will say we have other lenders that meet in the middle of this, so please reach out to me for a quote on something like this. Another great thing is we also offer this for second homes and investment properties too, so that is something to consider as well, for 1–4-unit properties.
It is a typical application as usual but does present a bit more work than just tax returns being sent to us. Yet, we can help you with this, if we get your approval to document the bank statements, we can reach out to your bank for you with your authorization, as well, to save the headache of trying to retrieve them all for you. Yet, all to say is this is a pretty simple loan to do and to help qualify you for. So, reach out to me to get your qualification today!
