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Post date: Jun 02, 2015 8:12:48 AM
A True Bank Statement Loan for the Self-Employed Borrower
In the new lending world, stated income and bank statement loans have been banished. However, they were quite popular before the recent crash, as they streamlined the lending process and safely allowed the self-employed borrower to achieve a great mortgage rate.
Things were going along swimmingly until some aggressive lenders chose to offer these types of loans to borrowers with very little down payment and average fico scores (600 and below).
We all know the results of such risk, and have had to live through the bad decisions made by the lenders, the borrowers, and the politicians.
However, we NOW have a NEW PRODUCT that goes to 80% loan to value! So, you must have 20% in equity or as a down payment. You must also be self-employed and have a fico over 600. If you meet this criteria, you will need to provide 24 months bank statements - business and/or personal - showing strong deposits.
Sometimes we have a year where write-offs or losses from investments are so great that we report little profit. Institutional lenders do not like to see that!
Our rates start as low as 5.5% APR, and are for owner occupied borrowers seeking to finance a property or refinance a property in metro California.
Call Massey K. 949-244-1880
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