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Bank Statement - P&L Only - Asset Utilization - 1099
BANK STATEMENT LOAN
Qualify your borrower using 12 months of business or personal bank statements. No tax return required.
- Temporary Buydown options available! (Gold & Platinum)
- 12 months business or personal bank statements
- 660 Min. FICO
- $3M Max Loan Amount
- Primary, Second Home & Investment
- Our team calculates income for you
- 30yr and 40yr I/O term available (Fixed or ARM)
See product matrix for more details.
P&L ONLY LOAN
No Bank Statements required to support net income
Are you struggling to find suitable mortgage options for your self-employed clients? Traditional mortgage plans often don't cut it. Our Profit and Loss (P&L) Loan Program uses a 12-month Profit and Loss statements for qualification. Expand your client base with this game-changing program.
P&L Only Loan Features:
- 80% Max LTV on Purchase / Rate & Term / Cash Out
- 100% Down Payment can be gift for LTV < 75%
- Max Loan Amount $3.5MM
- Temporary Buydown option available
- Min. FICO 660
What's Required:
- CPA/EA/CTEC/Tax Attorney prepared 12-month P&L statement
- Borrower’s business documents, if applicable
- Verify Tax Preparer status of license
- P&L Statement & Tax Attestation
ASSET UTILIZATION
Use your borrower's personal and business assets to qualify them for a home loan.
- Minimum FICO 660
- Up to 90% LTV on Purchase and Rate & Term Refinance
- Up to 80% LTV on cash-out
- 100% of Checking, Savings, and Money Market Accounts
- 70% of Stocks, Bonds, and Mutual Funds
- 70% of Retirement accounts if the borrower is over 59½
- 60% of Retirement accounts if the borrower is under 59½
- Eligible liquid assets are divided by 84 to calculate the monthly qualifying income.
- Traditional DTI calculated using the qualifying income.
Maximum DTI 55%
See product matrix for more details.
1099 Qualifying Income is 12-months average from the total earnings reported (10% Expense Factor)
- Minimum FICO 660
- 2-year history with 1099 income
- Up to 90% LTV on Purchase
- Up to 75% LTV on Cash-Out
- Loan Amount Up to $3.5MM
- Interest-Only Available
- YTD documentation to support continued receipt of income from same source – Bank statement deposits (YTD)
- 4506-T Required (Box 8) if the IRS 1099 transcript is utilized
See product matrix for more details.
BANK STATEMENT LOAN
Being self-employed should not stop your borrower from buying a home or refinancing.
- Minimum FICO 660
- Up to 90% LTV on Purchase
- Up to 75% LTV on Cash-Out
- Loan Amount Up to $3M
- Interest-Only Available
- Primary, Second Home & Investment
- Our team calculates income for you
P&L ONLY LOAN
Qualify your borrower based on the strength of their business with a 24-month CPA/EA prepared Profit & Loss Statement only.
- Minimum FICO 660
- Max DTI 50%
- Loan Amount Up to $3M
- Up to 80% LTV on Purchase and Rate & Term Refinance
- Up to 75% LTV on Cash-Out
- Interest-Only Available
- Primary, Second Home & Investment OK
- First Time Homebuyers OK
- No tradeline requirements with 3 credit scores
ASSET UTILIZATION
Use your borrower’s personal and business assets to qualify them for a home loan.
- Minimum FICO 700
- Up to 80% LTV on Purchase and Rate & Term Refinance
- 100% of Checking, Savings, and Money Market Accounts
- 70% of Stocks, Bonds, and Mutual Funds
- 70% of Retirement accounts if the borrower is over 59½
- 60% of Retirement accounts if the borrower is under 59½
- Eligible liquid assets are divided by 84 to calculate the monthly qualifying income.
- Traditional DTI calculated using the qualifying income.
Maximum DTI 43%
1099 LOAN
Qualifying Income is 24-months average from the total earnings reported (10% Expense Factor)
- Minimum FICO 660
- 2-year history with 1099 income
- Up to 90% LTV on Purchase
- Up to 75% LTV on Cash-Out
- Loan Amount Up to $3M
- Interest-Only Available
- YTD documentation to support continued receipt of income from same source – Bank statement deposits (YTD)
- 4506-T Required (Box 8) if the IRS 1099 transcript is utilized
See product matrix for all details | Products subject to change without notice | Contact your AE for details.