As a mortgage broker, MortgageDepot.com has developed a knack for finding solutions to the challenges borrowers face when in need of mortgage financing. We offer our borrowers an assortment of loan programs because we work with many lenders rather than only one or two. For example, our two-month bank statement program is ideal for borrowers with inconsistent incomes or without the income documentation required to satisfy the lender underwriting conditions of most lenders.
Borrowers benefitting from our two-month bank statement loans
Coming up with the documentation to prove a borrower’s income and its source is not a problem for someone who receives a W-2 at the end of the year from an employer. Unfortunately, some occupations do not offer a consistent source of income documented by a W-2, including the following:
- Self-employed individuals
- Individuals working in seasonal jobs
- Investors and others with inconsistent income streams
- Business owners not receiving a regular paycheck
Borrowers in any of these categories usually do not have W-2s, paystubs and tax returns to document the amount or source of their income. A MortgageDepot.com two-month bank statement mortgage offers these and other borrowers a solution to the challenge of obtaining the financing they need to complete the purchase of a home.
Two-month bank statement program guidelines
Individuals with two months of bank statements for their businesses are eligible to apply for our two-month bank statement loan. The following are some of the highlights of the program:
- 90% maximum loan-to-value ratio
- Credit score of at least 680
- Loan amounts up to $5 million
- Interest rates as low as 5.15% on a 5/1 adjustable mortgage
- Cash-out options up to 85%
- Up to 85% financing on second homes
- 50% maximum debt-to-income ratio
- 5/1 ARM and 30-year fixed mortgages available
- Interest-only options available with a 40-year amortization
- Six-months reserves up to $2 million
Depending upon the underwriting requirements, borrowers in our two-month bank statement program might be asked to produce a profit-and-loss statement from a certified public accountant or licensed tax preparer. Borrowers in need of an exception to any of the terms or conditions of our bank-statement program will find our loan officers responsive to their needs and ready to work with them and our lenders to find a solution.
Learn more about two-month bank statement loans
Our loan officers have the experience and expertise to find a mortgage program to suit the needs and challenges of any borrower. Contact us at our website at MortgageDepot.com or by calling us at (800) 535-0720 to learn more about our two-month bank statement program.