Hawaii Loan Options
Hawaii Alternative Document Bank Statement Loan
No Tax Returns Needed to Qualify
If you have been self-employed for 2 years and maximize your tax deductions to minimize your tax liability, but have excellent cash flow, it is now possible to document your income by adding up the deposits on 3 to 24 of your most recent bank statements. The more statements you qualify with, the lower the rate you will be eligible for. The total deposit will replace the income reporting on your tax returns for qualifying.
Note: Owning 25% (or greater) interest in a business in considered self-employed under mortgage underwriting terminology.
Program Highlights of the Bank Statement Loan:
Program Highlights:
- Primary Residence, Second Home, or Investment property
- Qualify with personal or business statements
- Credit depth has been reduced
- Minimum loan amount: $300,000
- Maximum loan amount: $5,000,000
- Debt-to-Income (DTI) up to 50%
- Self-employed borrower may supplement bank statement income with additional income derived from an asset amortization formula
- Retirement and other income allowed
- At least one borrower must be self-employed; a W-2 co-borrower is allowed
Eligible Property Types:
- Single Family Homes
- Condominiums
- Condotels
- Site Condos (Hawaii CPR properties)
- Airbnb, VRBO, etc.
Loan Terms:
- 5/1 ARM – interest only available
- 7/1 ARM
- 10/1 ARM
- 15-year Fixed
- 30-year Fixed
*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.
