Self Employed Solutions: Bank Statement Loans and 12-month Full Doc
Self Employed Solutions: Bank Statement Loans and 12-month Full Doc:
Standard income calculations can cause borrowers to not show enough income to qualify when applying for Agency, Jumbo, or Government loans. If you are a self-employed borrower and told you do not qualify, you may need an alternative income review. With our bank statement loan, we are able to review your cash flow income by analyzing personal or company bank statements over a 12 or 24-month period of time. This allows our underwriters to see the true income of your business and qualify you for more home than other lenders.
We also have an option for full income qualification over a 12 month average in the event your business has recently started to show a profit.
If you have been turned down by a lender due to not showing enough income on your tax returns and you feel you should have qualified you will want to review the Diamond Residential Mortgage bank statement loan.
- Loan amounts from $100k to $2.5 million
- Down payment as low as 10%
- Gift funds OK for down payment and closing costs
- Minimum 580 FICO
- Combine with Recent Housing Event or Recent Credit Event loans
- Primary Residence, Second Home, Or Investment Properties
- 1-4 Family Properties, Townhomes, or Condos (non-warrantable by exception)
- Purchase, Rate and Term, or Cash out