The Lowdown on No Income Doc Loans...
Bank Statement Program for business owner and self employed:
A Bank Statement Program accepts bank statements for income verification, and is especially helpful for self-employed Borrowers lacking the W-2s and check stubs required by conventional loans. Recognizing the self-employed may have more complex income streams, we make our loan decisions on a variety of factors, including cash flow and expenses such as bill and lease payments, during the approval process for our Non-QM loans.
FICO 600
- Up to 80% CLTV
- Loan amounts up to $3 million
- 30 & 40 Year Fixed, 5/6 & 7/6 ARM
- 3 months reserves
- 12 months from bankruptcy or foreclosure
- Condos up to 80% CLTV
- Combination of business and personal bank statements allowed
- Condo and condotels allowed
Why an FHA Loan?
Typically an FHA loan is one of the easiest types of mortgage loans to qualify for because it requires a low down payment and you can have less-than-perfect credit. An FHA down payment of 3.5%is required. Borrowers who cannot afford a traditional down payment of 20% or can’t get approved for private mortgage insurance should look into FHA loans.
- Fixed Rates
- Adjustable Rate Mortgage (ARM)
- 3.5% Down Payments
- Jumbo & Super Jumbo Loans
- Terms from 5 to 30 Years
