When it comes to buying a home, you may feel there is too much red tape if you are self employed. A bank statement loan may help you. This is perfect for consultants, freelancers or other self employed workers. Forget tax returns, w2’s and paystubs.
Using our bank statement loan, you may be able to qualify using income on 12-24 months of bank statements. Your expense ratio must be under 50% using a uniform expense ratio, profit and loss statement or CPA stated expense ratio.
Credit scores can be as low as 620. Loan amounts can be up to $3 million. It can be used for a primary residence, second home or investment property. ITIN borrowers have a maximum loan to value of 85%, all others can go to 90%.
If you have been trying to get qualified but have an issue due to your income, reach out. We have the bank statement program, along with other programs such as a P&L program or a 1099 program. Maybe you just became self employed but are getting a 1099, we can use that in qualifying.
There are several different options depending on your situation. Call and we can talk about options to help you find a home now.
Leslie Vanderwerf, NMLS ID#335509, CrossCountry Mortgage LLC, An Equal Housing Lender, NMLS#3029 – Email – Website
