I recently have had a few retail lenders refer me clients who were not qualified for Conventional and FHA loans (Prime Loans) who were self employed. They referred them to me because they needed a Bank Statement loan to prove income.
What are bank statement loans you ask?
These are perfect for the self-employed that do not report all their income on their tax returns.
The bank statement loans require 12 or 24 months of either personal or business bank statements. Income is derived from deposits into these account rather than using pay stubs or tax returns. They require a 10% down payment and the rates are about 2% to 3% over the conventional rates. They are a 30 year term loan that is fixed for the first 5 years and then roll into a one year adjustable, or for a little higher rate, you can get the term fixed for the entire 30 years.
For more information on how bank statement loans work, please give me a call, text, or email.
941-504-1445 - Cell/Text Sherry@SherryBitner.com