Enhanced Bank-Statement Program

Applying for financing to purchase a home or to replace an existing loan by refinancing starts with an application submitted to a lender. Lenders usually require W-2s, pay stubs, income tax returns and other documentation to prove a borrower has sufficient income and assets to qualify for the loan. Individuals who are self-employed, own small businesses or receive commissions instead of a salary or hourly pay may not have the documentation needed to satisfy a lender’s underwriting guidelines.

We take pride at MortgageDepot in our ability to find financing options to meet the challenges faced by borrowers. Instead of forcing a self-employed borrower to waste countless hours attempting to produce documentation to satisfy guidelines for traditional loans, we offer our enhanced bank-statement program.

A loan specifically designed for self-employed borrowers

MortgageDepot makes it possible for borrowers to obtain financing to purchase or refinance a home without tax returns, pay stubs, W-2s or any of the documentation normally required by lenders. Highlights of our enhanced bank-statement program include the following:

• Borrowers must submit either 12 or 24 months of business or personal banking statements.
• Borrower must have a minimum FICO score of 599.
• Loan-to-value ratios as high was 90%.
• 100% deposits accepted with either a 50% debt-to-income ratio or an expense letter from an accountant or tax preparer.
• Loan amounts available up to $3 million.
• Cash-out option available with a loan-to-value ratio up to 70%.

Being self-employed no longer means having to struggle to qualify for financing. Our enhanced bank-statement loan program allows borrowers to rely upon their bank statements to prove sufficient income to qualify for a loan.

Types of borrowers who may benefit from our loan program

Our experienced and knowledge loan officers specialize in working with borrowers who may not have the documentation normally asked for by lenders. Some of the types of borrowers who may benefit from our MortgageDepot enhanced bank-statement loan program include:

• Owners of small businesses.
• Retirees.
• Independent contractors.
• Real estate sales agents.
• Freelance workers.
• Consultants.
• Commissioned salespeople.

Anyone whose tax returns do not accurately reflect the income a person receives may benefit from a bank-statement loan.

Contact MortgageDepot

MortgageDepot has loan programs to meet the financing needs of most borrowers. Learn more about our enhanced bank-statement loan program by speaking to one of our loan officers.

Contact one of our loan consultants to learn more about this program.