Bank Statement Loans are designed specifically for self-employed borrowers, small business owners, and independent contractors who need an alternative method to demonstrate their income.
✅ Key Features of Our Bank Statement Loan Program:
- No Tax Returns Required: Qualify using 12 or 24 months of personal or business bank statements instead of traditional tax documents.
- Loan Amounts: Borrow up to $4 million, with a minimum loan amount of $150,000.
- Property Types: Eligible for owner-occupied homes, second homes, and investment properties
- Credit Score: Minimum FICO score of 640; up to 90% Loan-to-Value (LTV) with a 720+ FICO.
- Business Ownership: Borrowers can own as little as 25% of the business.
- Seasoning Requirements: Two years' seasoning for foreclosure, short sale, bankruptcy, or deed-in-lieu.
- Additional Options: 1099 income option and Profit & Loss (P&L) statements accepted as valid forms of income verification.
- Residency: Permanent and non-permanent residents are eligible.
- Expense Factor: Default expense factor of 50%; companies with lower expense factors require a statement from a CPA, tax preparer, or bookkeeping company.
🏠 Ideal Candidates for Bank Statement Loans:
- Self-Employed Professionals: Entrepreneurs, freelancers, and business owners who have significant tax write-offs.
- Independent Contractors: Individuals with income that doesn't fit traditional verification methods.
- Real Estate Investors: Those looking to purchase or refinance investment properties.
Non-Permanent Residents: Borrowers without permanent residency status but with verifiable income through bank statements.
📈 Benefits of Choosing a Bank Statement Loan:
- Simplified Income Verification: Use your bank statements to showcase your income, avoiding the complexities of tax returns.
- Higher Loan Amounts: Access to larger loan amounts compared to some traditional loan programs.
- Flexible Terms: Options tailored to fit your unique financial situation and property goals.
- Quick Processing: Streamlined documentation leads to faster loan approvals and closings.
🔍 How It Works:
- Provide Bank Statements: Submit 12 or 24 months of personal or business bank statements.
- Income Calculation: We'll analyze your average monthly deposits to determine your qualifying income.
- Loan Structuring: Based on your income and credit profile, we'll structure a loan that fits your needs.
- Approval & Closing: Enjoy a streamlined approval process leading to a timely closing.
📞 Ready to Explore Your Options?
At Resolute Lending, we're committed to providing personalized mortgage solutions that align with your financial goals. If you're self-employed and seeking a mortgage that recognizes your unique income structure, our Bank Statement Loan Program could be the perfect fit.
👉 Contact us today to learn more and start your journey toward homeownership or property investment.
