How Does The Bank Statement Mortgage Loan Program Work?
Bank Statement Mortgage Loan Program falls within the Non-QM Loan Program . Get far more information about bank statement mortgage loan
The Non-QM Loan Program is also known as Out-Of-The-Box Mortgage Loan Program
This really is exactly where lenders will lend on non-traditional sorts of residential lending where borrowers would otherwise not qualify to get a mortgage
Mortgage applications for instance one day out of foreclosure, deed in lieu of foreclosure, and brief sale is now offered at Gustan Cho Associates Mortgage Group via our correspondent lending division
Non-QM Loans are portfolio loans and cannot be sold to Fannie Mae or Freddie Mac
What Documents Are Needed?
The way the Bank Statement Mortgage Loan Program functions is in lieu of borrowers delivering the following:
two years of tax returns
two years of W-2s
most current paycheck stubs
With bank statement mortgage loan program for self employed borrowers, all is necessary is 12 to 24 months of bank statements. Profit and Loss Statements from the borrower’s business prepared by the borrower’s accountant may or might not be essential.
Bank Statement Loans For Self Employed Borrowers
The Bank Statement Mortgage Loan Program has been a hit due to the fact it was launched.
Even if the borrower were to earn their earnings a part of the year, provided that the borrower has maintained bank statements for 24 months will probably be used
Should use identical bank statements for 24 months which documents their deposits and earnings
Bank Statement Mortgage Loan Program will work in securing a self employed borrower a mortgage loan
There’s no loan limits
There isn’t any private mortgage insurance essential
Forms of Properties Eligible Below The Bank Statement Mortgage Loan Program
Self employed borrowers who do not declare a whole lot of income due to getting self employed and taking benefit of their business expenditures can now qualify to get a mortgage loan with NON-QM Loans.
Bank Statement Mortgage Loan Program is often used to buy the following properties:
Owner occupied Single Family Home
Two to Four Unit Residential Properties