The flexibility offered from the 12/24 Month Bank Statement loan provides the opportunity to self-employed borrowers who are looking to purchase a property but do not have the traditional proof of income to obtain the loan they are in need of.
Loans up to $4 Million for Primary to 65% LTV
Loans up to $3 Million for Secondary to 80% LTV
Loans up to $3 Million for Investment to 75% LTV
Purch-R/T up to 90% LTV
Cash Out up to 80% LTV
Maximum DTI 55%
This program is designed for borrowers who are self-employed and would benefit from alternative loan qualification methods. Bank statements (personal and/or business) may be used as an alternative to tax returns to document a self-employed borrower’s income. At least one of the borrowers must be self-employed for at least 2 years (25% or greater ownership) to qualify for this program. No 4506-C/tax transcripts/Tax Returns (4506-C required for salaried co-borrowers) The lower of the stated income on the initial 1003 or UW income analysis is used to qualify. This means do not understate the income and if it is lower than the UW calcs, the max they can give you credit for is the amount you have on the 1003. Standard expense ratio is 50% however certain business can qualify as low as 10% expense ratio and if accompanied by a CPA letter, most scenarios can be calculated under 50% ratio.