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12 Month Bank Statement

Loan Trust offers a loan solution for self-employed borrowers who would rather show bank statements than tax returns.  Click here to get a rate quote.

What is a bank statement loan?

A bank statement loan is popular among self employed borrowers and independent contractors.  This loan program is also know as a stated income program basically meaning you will not have to provide the standard financial documents such as tax returns, W-2’s or paystubs, but you can use bank statements for proof of income.  Although it’s view differently but it’s actually a cash flow loan, similar to business loans for debt financing. 

What are the qualifying guidelines for the 12 month bank statement loan?

12 Month Bank Statement

  
  • Max of LTV/CLTV/HCLTV is 85.01 – 90.00, And FICO is 740-759
  • Max of LTV/CLTV/HCLTV is 60.01 – 85.00, And FICO is 600 & Up  Income Verification Type is 12 Mo. Bank Statements 
  • Up to $4 Million Loan Amount
  • Self Employed Borrowers and 1099 Borrowers
  • No Reserves Required <75% LTV
  • No 4506T/No K1’s/No P & L’s
  • No Mortgage Insurance
  • Condo up to 85% CLTV
  • Condotels allowed
  • Cryptocurrencies accepted for reserves, down payments, and closing costs

Qualify with 100% on Personal Account Deposits or 50% on Business Account Deposits (12 Consecutive Months)

  • Max Cash Out in Hand $1 Million
  • 30 & 40 Year Fixed, 5/7 & 7/6 ARM
  • 3 Months Reserve
  • Gift Funds for Reserves Allowed
  • Combination of Business & Personal Bank Statements Allowed