This Week’s Spotlight: “Bank Statement Loan”
January 20th, 2025
Are you working with self-employed clients or business owners who struggle to qualify for traditional loans due to limited W-2 income or tax write-offs? A Bank Statement Mortgage Loan could be the perfect solution! Here's why:
Key Features:
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Income Verification Made Easy:
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No W-2s or tax returns required.
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Income is verified using personal or business bank statements (typically 12-24 months).
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Flexible Loan Terms:
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Loan amounts up to $5M (varies by lender).
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Fixed or adjustable-rate options available.
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Ideal for Self-Employed Borrowers:
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Perfect for entrepreneurs, freelancers, and gig economy workers.
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Considers actual cash flow rather than taxable income.
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Competitive Down Payment Options:
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Down payments as low as 10% for qualified borrowers.
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Credit-Friendly Solutions:
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Accepts credit scores as low as 620.
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Higher DTI ratios considered for strong applicants.
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Property Flexibility:
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Available for primary residences, second homes, and investment properties.
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Benefits for Realtors:
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Expand Your Client Base: Serve clients who might not qualify for traditional loans.
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Fast Closings: Streamlined underwriting ensures a smooth process.
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Increased Referrals: Help your self-employed clients achieve homeownership and grow your reputation as a resourceful realtor.
How It Works:
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Borrowers provide 12-24 months of bank statements (personal or business).
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Deposits are analyzed to calculate qualifying income.
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Additional documents (e.g., business licenses, CPA letters) may be required depending on the scenario.
Why Recommend This Loan?
The Bank Statement Mortgage Loan empowers more buyers to enter the market by tailoring financing to their unique financial situation. Let’s help your clients turn their dreams into reality!
Contact Team No Limit today to learn more or get started!
