Bank Statement Loans

Getting a mortgage when you’re self-employed used to be a huge challenge. Today, we’ve simplified the process and can get you approved for a home mortgage using bank statements. This way, you won’t have to show pay stubs or tax information to get qualified. However, there are still some hurdles you will need to jump over to be qualified, let’s look at the requirements.

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Requirements For Bank Statement Loans

In order to be approved for a bank statement loan for your home purchase, we will need to look at the following:

  • Twelve months of consecutive bank statements from one bank account.
  • 45% maximum debt-to-income ratio
  • Minimum of 2 years self-employment or 1099 contract work 

What Else Should I Know About Bank Statement Loans

The maximum loan amount is $1,000,000, and the minimum is $200,000. You will need to put 20% down, or else you will need to pay mortgage insurance. 

If you think a bank statement loan is something you would be interested in, give us a call.

 

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