Bank statement Only Lenders For Self-Employed Homebuyer
It’s a simple but sometimes unfortunate truth of the post-recession Florida mortgage market: Florida bank statement loan applicants whose incomes are less documented have a more difficult time qualifying for a traditional home loan. The terms of the Qualified Mortgage rule and other regulatory measures have necessitated that most Florida mortgage lenders err on the side of due diligence, which often means loan candidates must meet specific requirements based on bank statement income.
BANK STATEMENT ONLY FLORIDA MORTGAGE LENDERS
For a bank statement only loan approval the lender will required strong credit profile a minimum FICO score of 620– but many of the other terms associated with a bank statement only loan approval. These include:
- Max Debt To Income Up to 50 percent
- No required Tax transcripts required or tax returns for self-employed borrowers
- Up to 50 percent debt-to-income ratio
- 5/1, 7/1 and 10/1 adjustable-rate Bank statement mortgage options
- Loan-to-value ratios of up to 80 percent
- Cash-out options of up to $500,000 for a primary residence
- Loan amounts of up to $2 million
Fortunately, alternatives are emerging. Florida mortgage lenders. Correspondent recently unveiled its innovative Florida bank statement only mortgage program, which accompanies its bank statement verification process. Both bank statement income loan approvals are designed specifically for the self-employed and others whose tax returns and employment history may not property express their financial ability to make the mortgage payment. The result can represent a greater risk on paper, these borrowers rarely meet bank standards, leaving them to search Florida mortgage lenders in an effort to fulfill their home buying goals. The bank statement only mortgage program is designed to relieve this shortfall, determining an applicant’s ability to repay based on a case-by-case approach.
Bank Statment Only Lenders with flexibility and favorable terms
For bank statement only loan applicants looking to purchase primary residence, a second home or an investment property, self-employed bank statement only loan applicants will be the most likely to benefit from the bank statement program. As its name would suggest, the concept is predicated on providing evidence of income, specifically in the form of bank statement only loan applicants from the past 12 months. These can serve as the means for a down payment, in addition to taking the place of a traditional employment history or the years of W-2 forms typically required of buyers during the bank statement only loan applicant’s application process.
BANK STATMENT ONLY MORTGAGE PAGES OF INTEREST: