Self-employed borrowers must have credit 640+, strong asset base. Business with high sales but low profits which does not qualify for traditional financing. For example, closed a loan for a business owner with consistent gross sales of $700,000 but net profit of $50,000. Purchased a $750,000 second home, 30% down payment. Borrower had substantial ($300,000+) asset reserves remaining after closing: minimum of twelve months housing payment. Debt-to-income ratio 60%+ was not an issue. Two years verified personal and business tax returns required.
12 Month Bank Statement Program
Personal or Business deposits averaged over consecutive 12 month period to calculate monthly gross income in lieu of W2 or tax returns. Cannot use a combination of personal or business bank statements. Use 100% of personal bank deposits or 70% of business bank deposits. Transfers between accounts are excluded. Business must be in business a minimum of two (2) years. No tax returns. Credit scores 580+ may require 24 bank month statements.
Investment Property 15% down payment
Good credit 620+ credit score required but no verified tax returns. Three months bank statements to show source of down payment. Large deposits must be verified and sourced. Gift is okay as long as buyer has 5% of their own funds used in transaction. Residential (1-4 family) or commerical property.
Bankruptcy or Foreclosure
Based on date your name is removed from title to bankruptcy or foreclosure property. 1 day out of Bankruptcy discharge or foreclosure is okay! Down payment requirements based on credit score and letter of explanation. Two years from Bankruptcy or foreclosure requires minimum 10% down payment, mid fico score 680+.
Submit On-Line Inquiry.