Self Employed using Bank Statements

Extended Guidelines

This loan is a portfolio product that is for a self-employed borrower who needs to qualify only one year of taxes. The buyer must be self employed for 2 years; however income will be based on the most recent year only.

Credit score: 680 minimum
Property type: 1-4 Units, PUDS, Condos *
Occupancy: Primary residence
Down Payment: 20%
Loan to Value: 80%             CLTV: 85%
Gift Funds Not allowed
Closing cost: Seller and/or lender can pay up to 6%
Debt Ratio: 43%


Additional Notes:

  • One borrowers must be self-employed and may have a W-2 Coborrower
  • Self-employed borrowers are qualified using bank statements for the most recent 12 months
  • Loan amounts up to $3 million
  • 50% of business funds may be used for reserves
  • Additional financed properties required 6 months reserves
  • Bankruptcy 4 yrs, Shortsale 4 yrs, Foreclosure 7 yrs
  • A minimum of 5 open credit lines are necessary
  • Impounds are required

This page contains program highlights only. See sidebar links for further information and details.

All program are subject to change at anytime without any further notice


WordPress Video Lightbox Plugin