When a self-employed husband and wife were turned down by their bank for a loan to purchase their first home, they turned to me for a solution. As experts in bank statement loans, we were able to get them approved by a lender without providing a single tax return.
Here's how we did it:
♦ Provided 12 months of business bank statements
♦ Secured loan with just 20% down payment
♦ Obtained a competitive 30-year fixed rate in the 5's
Bank statement loans are a great mortgage option for self-employed borrowers who don't have traditional income documentation like tax returns and W-2s. The lender uses 12-24 months of personal or business bank statements to calculate your income based on deposits.
Benefits of bank statement loans:
♦ No tax returns required
♦ Easier to qualify for self-employed and 1099 workers
♦ Loan amounts up to $3 million
♦ Can be used for primary residences, second homes, and investment properties
♦ Fixed and adjustable rates available
If you're self-employed and have been turned down for a mortgage or are worried you won't qualify, contact me today. As a bank statement loan specialist, I'll work with you to determine if this program is right for your situation and guide you through the process.
Let's make your homeownership dreams a reality, even if you don't fit in the traditional lending box.
David A. Krebs
Self-Employed Mortgage Expert
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Video Chapters:
0:00 Client story
0:08 Bank statement loan solution
0:15 Loan terms secure
0:24 Benefit of no tax returns
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