Bank Statement Loan
Are You Self-Employed?
If you’re looking to buy a home, we have good news. Utmost Pro, Inc. offers a Bank Statement Loan Program for self-employed borrowers as well as those whose employment histories and tax returns may not reflect their viability for a mortgage.
Rates often start in the 5.5% range and increase with higher LTV ratios and/or lower credit scores.
Add all deposits for all 24 months and divide that amount by 24 .
Ex. 24 months deposits total = $200,000 / 24 = $8,333 a month income.
Bank Statement Loan Program Details:
- Personal bank statements (12-24 months)
- No tax returns required
- Borrow up to 85% of the value of the home
- Debt-to-income ratio up to 50%
- Loans up to $2 million
- For primary and secondary homes and investment properties
- Non-warrantable condominiums
- 30-year fixed rate — no pre-payment penalty
- 5/1 and 7/1 ARM
- Owner-occupied, 2nd homes and investment properties
- Self Employed – Must provide business license, Tax Preparer’s letter or corporate paperwork.
- Personal Bank Statements: 100% of Deposits
- Business Bank Statements: 50% of Deposits
- Start in the 5.5%
