Hello!
If you are self-employed, and need to get a mortgage to purchase a house, but don’t show a lot of income on your tax returns – here’s an option for you…
I wanted to spotlight one of our Alt Doc programs: Alternate Documentation loans are loans that allow you to use alternative documentation to prove your income. That is, other than the traditional Tax Returns, or W-2’s and Pay stubs.
Bank statement loans.
Very simply we take the aggregate deposits of your bank statements (can be personal or business) and use this for your income.
Variables of Bank Statement loans…
24 Months of bank statements.
12 Months of bank statements.
2 Months of bank statements.
1 Month bank statement.
The reason we offer multiple options for months is that sometimes a 12 month average won’t work as good for the borrower as one month.
We offer down payments as low as 10% on owner occupied bank statement programs.
We also offer multiple ways of calculating deposits, which is very helpful if there are issues with one calculation method.
Rates on these programs are usually only modestly higher than normal conforming rates.
That’s it for today!
Thanks for reading!
Brett