Bank Statement Mortgage Approval are generally used by self-employed individuals, small business owners, or independent contractors. Borrowers do not have to own 100% of the business. Our Bank Statement program provides a loan solution to help underserved credit-worthy self-employed borrowers who otherwise would not qualify for a home loan.

Bank Statement Mortgage Approval:

BANK STATEMENT FIXED – BLUE

• 660+ FICO with LTVs up to 80%
• Loan amounts starting at $100,000 up to $2M
• Up to 50% DTI
• Self-employed borrowers only
• First-time homebuyers not permitted
• Eligible on primary, second and investment property purchases and rate/term refinances. Cash-out refinances only eligible on primary homes.
• For primary home loans:
  • Minimum 12 months’ reserves required
• For second home loans:
  • Minimum 15 months’ reserves required
• For investment properties:
  • Minimum 18 months’ reserves required
• Additional 6 months’ reserves required for each financed property
• Minimum 12 months’ consecutive bank statements required
• Two separate appraisals from two different appraisers required for loan amounts over $1.5M
• Temporary Rate Buydowns not permitted
• Not eligible in West Virginia or on Texas 50(a)(6)

BANK STATEMENT FIXED – YELLOW

• 620+ FICO with LTVs up to 90%
• Loan amounts up to $3M
• Up to 50% DTI
• Self-employed borrowers only
• First-time homebuyers not permitted on investment properties
• Eligible on primary, second and investment property purchases, rate/term and cash-out refinances
• For primary home loans:
  • Loan amounts up to $1.5M – minimum 6 months’ reserves required
  • Loan amounts over $1.5M – minimum 12 months’ reserves required
• For second and investment property loans:
  • Minimum 12 months’ reserves required
• Borrowers with more than 1 financed property require the greater of 9 months’ reserves or reserve amount stated above plus an additional 2 months for each financed property
• Minimum 12 months’ consecutive bank statements required
• Two separate appraisals from two different appraisers required for loan amounts over $2M
• Temporary Rate Buydowns not permitted
• Not eligible in West Virginia or on Texas 50(a)(6)

BANK STATEMENT FIXED – PINK

• 660+ FICO with LTVs up to 85%
• Loans up to $3M
• Up to 50% DTI
• At least one borrower must be self-employed
• No minimum tradeline requirements
• Eligible on primary, second and investment property purchases, rate/term and cash-out refinances
• Reserve Requirements
  • Loan amounts up to $2M – minimum 6 months’ reserves required
  • Loan amounts over $2M – minimum 9 months’ reserves required
• Minimum 12 months’ consecutive bank statements required
• Two separate appraisals from two different appraisers required for loan amounts over $1.5M
• Temporary Rate Buydowns not permitted
• Not eligible in West Virginia or on Texas 50(a)(6)

BANK STATEMENT FIXED – ORANGE

• 660+ FICO with LTVs up to 90%
• Loans amounts starting at $100,000 up to $3.5M
• Up to 55% DTI
• Self-employed borrowers only
• First-time homebuyers on primary and second home transactions only, up to 50% DTI
• Eligible on primary, second and investment property purchases, rate/term and cash-out refinances
• Reserve Requirements
  • Loan amounts up to $1M – minimum 6 months’ reserves required
  • Loan amounts between $1M and $2M – minimum 9 months’ reserves required
  • Loan amounts over $2M – minimum 12 months’ reserves required
• Borrowers with more than 1 financed property require an additional 2 months reserved for each financed property
• Minimum 12 months’ consecutive bank statements required
• Two separate appraisals from two different appraisers required for loan amounts over $2M
• Temporary Rate Buydowns eligible
• Not eligible in West Virginia or on Texas 50(a)(6)