Nevada Loan Options
Nevada Alternative Document Bank Statement Loan
No Tax Returns Needed to Qualify in Nevada
For self-employed individuals in Nevada, qualifying for a mortgage just got simpler. If you’ve been self-employed for at least 2 years and have been maximizing your tax deductions to minimize your tax liability while maintaining strong cash flow, you can now document your income without needing to provide traditional tax returns.
Here’s how it works:
- Instead of relying on tax returns, you can showcase your income by totaling the deposits on 3 to 24 of your most recent bank statements.
- The more statements you qualify with, the lower the interest rate you’ll be eligible for.
- The total deposit on your bank statements will serve as the basis for income verification, replacing the need for traditional tax returns.
It’s important to note that in mortgage underwriting terminology, owning a 25% or greater interest in a business is considered self-employment.
This streamlined process offers greater flexibility for self-employed individuals in Nevada, making it easier to qualify for mortgage financing based on your actual cash flow without the burden of providing detailed tax returns.
Program Highlights of the Bank Statement Loan:
Program Highlights:
- Eligible for Primary Residence, Second Home, or Investment property
- Qualify with personal or business statements
- Reduced credit depth requirements
- Minimum loan amount: $300,000
- Maximum loan amount: $5,000,000
- Debt-to-Income (DTI) ratio up to 50%
- Self-employed borrowers may supplement bank statement income with additional income derived from an asset amortization formula
- Retirement and other income sources are allowed
- Requires at least one self-employed borrower; a W-2 co-borrower is permitted
Eligible Property Types:
- Single Family Homes
- Condominiums
- Condotels
- Site Condos (Nevada PUD properties)
- Airbnb, VRBO, etc.
Loan Terms:
- 5/1 ARM – interest-only available
- 7/1 ARM
- 10/1 ARM
- 15-year Fixed
- 30-year Fixed
This comprehensive program provides flexibility in property types, income verification, and loan terms, catering to the diverse needs of borrowers in Nevada.
*These products may have a higher interest rate, more points or more fees than other products requiring documentation.
Information and self-help tools are provided for your independent use and are not intended to provide investment advice. We cannot and do not guarantee loan eligibility or accuracy in regards to your individual circumstances. All examples are hypothetical and are for illustrative purposes. We encourage you to speak with one of our experienced loan officers for a loan eligibility analysis and custom rate and payment estimate.
