Bank Statement Loan
Being self employed comes with many great benefits. You can be your own boss, make your own schedule, and have the autonomy of running your own business. But when it comes to having the freedom of selecting a conventional mortgage loan from a bank, it is severely limited. Most self employed borrowers find it very difficult, if not impossible, to acquire a mortgage from a bank. If you are self-employed and are having difficulty finding a mortgage, a bank statement loan could give you the confidence you deserve.
Conventional loans offered by institutional banks require copious amounts of documentation with regards to your income, credit history, property values, etc. Non conforming loans on the other offer borrowers the flexibility of having to deal with less paperwork in the application process. This can be particularly beneficial for those having difficulty documenting their income, specifically self-employed borrowers. Alternative financing options, such as a bank statement loan, gives the borrower the ability to bypass their income documentation dilemma by providing only bank statements!
The bank statement only program provided by HML Investments gives its borrowers a couple options with regards to income documentation. The first requires the borrower to provide a tax preparer letter plus three months of bank statements. The second option allows for the borrower to simply provide twelve months worth of bank statements. This bank statement loan program cannot exceed 2.5 million dollars and requires the borrower to have a FICO score of 620 or higher. In addition, foreclosure, short sale, and bankruptcy disclosure of 12 months are requires. Furthermore, HML Investments bank statement loan program can loan up to an LTV of 60%.
For information about our bank statement loan program, call the specialists at HLM Investments to get started.