Bank Statement Mortgages
The Bank Statement mortgage program is a great option for self-employed borrowers who need an alternative method to show the true cash flow of their business. Borrowers do not have to own 100% of the business. Self-employed borrowers represent an underserved market in the mortgage industry. Our Bank Statement program provides a loan solution to help underserved credit-worthy self-employed borrowers who otherwise would not qualify for a home loan.
We look at 12 or 24 months of your personal or business bank statements to qualify your income. This program allows you to qualify your income without ever looking at tax returns. If you are having struggles qualifying for a conventional loan, this may be the program for you!
- Loans up to $3 million with a minimum of $150,000
- 12 or 24 months business or personal bank statements
- Two years seasoning for foreclosure, short sale, bankruptcy or deed-in-lieu
- Two years self-employment required
- Borrowers can own as little as 50% of the business for business bank statements and 25% for personal bank statements
- Purchase and cash-out or rate-term refinance
- Owner-occupied, second homes, and non-owner occupied
- 40 year fixed interest only available
- Non-warrantable condos allowed
Benefits of Bank Statement Mortgages
The income used for qualifying is derived from an average of deposits going into your bank statements. We do not use traditional income documentation. TAX RETURNS ARE NOT REQUIRED.
Talk to your loan officer at Oak Capital Mortgage about the best situation for you.