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Bank Statement Mortgage Loan

"Our clients benefit from loan scenario planning assistance, bank statement review, in-house training, on-demand marketing support, online qualification and pricing and now automated underwriting.".

As little as 10% down (90% loan-to-value), 25% for one month bank statement. 4 months PITI reserves in the bank for loan amounts under $1 million, 6 months for loan amounts over $1 million Qualify with as few as 1-month bank statement (personal)

A bank statement mortgage is a home loan that uses a borrower’s bank statements to calculate their income. This is considered an alternative documentation loan type since tax returns are not used to calculate income.

Bank Statement Mortgage Interest Rates. When getting an alternative documentation loan like a bank statement mortgage, interest rates are not the same as what you would see on a conventional or FHA mortgage. Using bank statements to qualify is an nontraditional process of calculating income.

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Scenario 3 – You Only Use Business Bank Statements to Qualify your Loan. Borrower provides business bank statements for the most recent 12 consecutive months; Borrower provides a Profit & Loss (P&L) statement prepared by a CPA or a Licensed Tax Preparer; The business bank statements must reflect deposits no less than 5% of the revenue stated.

12-Month Bank Statement Program. Citadel Servicing offers a 12-Month Bank Statement Loan program. borrower employment types: Self-employed; 1099 Must provide business license, Tax Preparer’s letter or corporate paperwork. Citadel Servicing will accept Personal or Business Bank Statements. However, qualifying income will be calculated differently.

Getting a mortgage when you’re a business owner can be tough. But it shouldn’t be impossible. Bank statement loans might be your best solution to consider if you’re a business owner looking to buy or refinance a home.. When you’re self-employed you do your best to take full advantage of the tax write-offs you’re entitled to.

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Also called a variable-rate mortgage, an adjustable-rate mortgage has an interest rate that may change periodically during the life of the loan in accordance with changes in an index such as the U.S. Prime Rate or the london interbank offered rate (libor). Bank of America ARMs use LIBOR as the basis for arm interest rate adjustments.