Here’s a great low doc loan program for borrowers who are "self-employed". Borrowers can provide 12 months of bank statements to qualify for a home loan without tax returns.
Yes you heard correctly! This loan does not require Tax Returns!
You simply provide your personal bank statements or your business/corporate bank statements to get approved.
If you are buying a home and had low income reported on your tax returns use this program in lieu of full-doc programs with just 15%-30% down on primary residence or as much as 85% loan to value on refinances without cash out.
Buy a house in Laguna Beach as a primary residence,that is listed for $1,450,000. Your agent negotiates it down to $1,400,000, now you can use the maximum loan amount of $1,000,000 under the 12 Month Bank Statement Program.
Bank Statement Program
|Property Use||Purchase & Refinance||Cash Out Refinance|
|Primary & Second Homes||85%||75%|
|Minimum||Maximum||Cash Out Maximum|
|12 Personal Bank Statements||Average of Deposits||Minimum FICO 680|
|24 Personal Bank Statements||Average of Deposits||Minimum FICO 620|
|24 Business Bank Statements||100% Business Deposits and unaudited P&L||Minimum FICO 620|