This is also called a bank statement loan.
…Instead of providing standard full mortgage documentation (W-2?s, Paystubs, and last two years Tax Returns) you just provide your last 2 years bank statements. There is also a 12 month bank statement option.
We average your deposits, and that’s your income. …Amazing news right?
Yes it is!
…but I want to tell you the bad news about this loan program up front.
1) You are going to pay a higher interest rate for this type of loan product. …anywhere from 9% to 11.5%.
2) You will pay higher up front lender fees for this type of loan 2% to 5%.
3) Even good credit requires a 20% down payment. …If you have poor credit you will have to put down more.
4) This isn’t a 30 year fixed loan. Loan terms are fixed for 5 years based on a 30 year amortization.
This loan should be looked at as a tool to acquire property. It’s not a long term solution for holding property.
Your goal should be to sell or refinance this property within 2 to 5 years time.
If this sounds like a loan you can use to accomplish your goals then click the link below and apply.
We can usually close this loan in 2 to 4 weeks.
That’s it for today!
Have a good day! …and thanks for reading.
Brett
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