Bank Statement Loan
Bank Statement Loan offers alternative ways for self-employed borrowers to document their income; it could be their business and personal bank statements for the last 24 month. It allows them not like any other banks to use their average monthly deposits as average monthly gross income.
These loans are characterized by higher interest rates and less favorable terms in order to compensate for higher credit risk. Proponents of Subprime lending maintain that the practice extends credit to people who would otherwise not have access to the credit market.
|Loan Amount||Purchase||Cash Out||Credit Score||Reserves|
|Up to $1,500,000||Up to 85% LTV||Up to 80% LTV||660||6 Month|
|Up to $2,000,000||Up to 80% LTV||Up to 75% LTV||660||6 Month|
|Up to $1,500,000||Up to 90% LTV||Up to 80% LTV||740||6 Month|
|Up to $2,000,000||Up to 85% LTV||Up to 75% LTV||740||6 Month|
- 1-4 Family, High-Rise Condos, Non-Warrantable Condos and Town Homes
- 30 Year Fixed
- 30 Years
- Bank Statement (Self-Employed Only): 24 months personal bank statements; 24 month average used. No tax returns required.
- 2 Month Bank Statements
- Gift funds allowed
- Minimum 620
- Bankruptcy Seasoning: 36 months
This is not a commitment to lend, each applicant and borrower must be approved by the lender or investor. All terms and rates are subject to change with out notice. Please call our office to get pre-qualified.
20200 W Dixie Hwy Suite 1104
Aventura, FL 33180
Fax: 305 692-3000
Mon - Fri 9:00am - 5:00pm