Cut Down on the Paperwork With Our One-Page Bank Statement Program!
Mortgages are notorious for requiring a ton of paperwork. When you get into non-QM loans, the documentation requirements can get confusing. If you are a self-employed borrower looking at non-QM loan options, we have a way for you to reduce the paperwork, say goodbye to the confusion, and still get the financing you need!
At MortgageDepot, we are pleased to share our One-Page Bank Statement program with our valued clients. This program offers a financing option to borrowers who might not qualify for other Bank Statement program scenarios.
Bank Statement Programs: A Brief Rundown
Bank Statement programs are intended to meet the needs of self-employed borrowers, seasonal employees, or other borrowers with nontraditional income streams. They don’t require the extensive tax documentation that other loan programs demand. Instead, they base your eligibility on your bank statements and your profit and loss (P&L) statement.
There are a few ways borrowers can use Bank Statement programs to their advantage. A borrower can qualify for a Bank Statement loan by using:
- A P&L statement as the primary financial documentation.
- Personal bank statements from the past year.
- Business bank statements from the past year.
One-Page Bank Statement Program Highlights
Our One-Page Bank Statement Program streamlines the mortgage process for nontraditional borrowers. Here’s what you need to know about this route to real estate success:
- Our One-Page Bank Statement program uses the first page of the business bank statement, which reflects your company’s P&L, to qualify for a mortgage.
- A 12- or 24-month P&L statement is acceptable.
- Your loan-to-value (LTV) ratio can be up to 90% for real estate purchases.
- Your LTV can be up to 80% for cash-out refinance transactions.
- Loan amounts of up to $4 million are available through our One-Page Bank Statement program.
- Borrowers can qualify for a mortgage with a debt-to-income ratio (DTI) of up to 50%.
- At least 50% ownership in the business is required to qualify.
- Borrowers can confirm eligibility with only the P&L statement. There’s no need to dig through your records to provide months worth of business and personal bank statements to prove that you can handle the loan!
Contact MortgageDepot Today!
Are you tired of being shut out of the real estate market simply because your income stream doesn’t look like it “should?” At MortgageDepot, we understand that just because you don’t have a nine-to-five job, it doesn’t mean you don’t deserve a mortgage! Contact MortgageDepot today to learn more about our non-QM options, including our innovative One-Page Bank Statement program!
Connect with one of our loan consultants for more information.