BANK STATEMENT
No Accountant Business
Expense Letter Required*
This is an industry standout! Our bank statement program is one of the best in the industry, with no accountant letter requirements at any expense ratio, this is an easy and exceptional solution for self-employed borrowers.
Our Bank Statement loan programs offer the following features:
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90% LTV up to $2,000,000 (with min. 700 FICO score)
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Only 6 months reserves required up to $2,000,000
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Gift funds may be accepted
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No accountant prepared expense letter required
12 & 24 Months
Business Bank Statement Program
Qualifying Income is the lower of the following two options:
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Income indicated on the initial signed 1003
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Monthly net income from eligible deposits after deducting an appropriate expense factor (as low as 15%) from the total usable deposits
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Some programs allow borrowers to attest to their own expense level in their business without the involvement of a CPA or licensed tax preparer.
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No tax returns required, No transcripts required. Multiple accounts can be used. Combination of business and personal statements allowed by exception. Additional income deposited into the bank statements (i.e. W2 income, alimony/child support) derived from a source other than the self‐employed business may be used if documented separately.
12 Months
Personal Bank Statement Program
Qualifying income: 100% of deposits, not including transfers from other personal accounts, averaged over 12-month period.
No tax returns required. No transcripts required. Multiple accounts can be used. Combination of business and personal statements allowed by exception. Additional income deposited into the bank statements (i.e. W2 income, alimony/child support) derived from a source other than the self‐employed business may not be included in the bank statement average but can be documented separately.
24 Months
Personal Bank Statement Program
Qualifying income: 100% of deposits, not including transfers from other personal accounts, averaged over 24-month period.
No tax returns required. No transcripts required. Multiple accounts can be used. Combination of business and personal statements allowed by exception. Additional income deposited into the bank statements (i.e. W2 income, alimony/child support) derived from a source other than the self‐employed business may not be included in the bank statement average but can be documented separately.
* Not available on all products. Call for details specific to your scenario.