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You are here: Home / Bank Statement Loan

Bank Statement Loan

Bank Statement Loan
For Self-Employed Borrowers.

•  Qualification is based on bank statements.

•  10% Down Payment (700+ Credit, 250k+ Loan Amount)
20% Down Payment (680-699 Credit, 250k+ Loan Amount) OR (700+ Credit, 250k- Loan Amount)
25% Down Payment (660-679 Credit, 250k+ Loan Amount)
30% Down Payment if Condo

•  660 Minimum Credit Score, or 680 if First-Time-Homebuyer

•  6 Months Reserves of PITIA (Principal, Interest, Taxes, Insurance, Association)

•  43% Maximum Debt-to-Income (DTI), or 50% Max DTI with Compensating Factors (larger down payments, large cash reserves, very low debt-to-income ratios, 720+ credit score, minimal increase in housing payment)

•  12 Months of Personal Bank Statements (no expense ratio needed)

•  12 Months of Business Bank Statements (gross income is reduced by baseline expense ratio, expense statement/P & L, or letter from CPA/Licensed Tax Preparer stating the business’ expense ratio)

•  If income trend is declining and/or irregular, additional documentation may be required, including an additional 12 months of bank statements.

•  Must be self-employed at least 2 years in the same business.

•  Proof of at least 25% business ownership is required.

•  Loan Amounts $100,000 – $3M.

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© 2023 Elegant Loans, Corp.
5811 Memorial Hwy #201
Tampa, FL 33615
+1 727 734 5051
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