Self-Employed – Hawaii or California Bank Statement Loan
No Tax Returns Needed to Qualify
If you have been self-employed for 2 years, 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 your 12 most recent bank statements. The total deposit will replace the income reporting on your tax returns for qualifying.
Personal or business statements allowed
A self-employed borrower may supplement bank statement income with additional income derived from an asset amortization formula.
Credit depth has been reduced
Retirement and other income allowed
One borrower must be self-employed and may have a W-2 co-borrower
Jumbo loan amounts up to $3 million
Minimum loan amount $250,000
DTI up to 50%
Cash out up to $2,000,000
Min FICO 620
*A borrower with a 25% or greater ownership interest in a business is considered self- employed
5/1 ARM – Interest only available
15 & 30 year fixed