February, 7, 2023

Bank statement loans |  No Proof of Income Investor Loans | Asset Based Loans | 1099 Loans | Foreign National Loans

Traditional mortgage rules require all lenders to prove, document, and verify sufficient income to safely afford a mortgage payment.

But face it, not everyone fits the cookie cutter mode of traditional home loans, especially the self employed. The ability to write off items on your taxes can made it look on paper like you are starving, yet you really do just fine.

Therefore you need a non-traditional mortgage loan product, and that is exactly where our line of Non-QM loans helps the self employed borrower. Review this page for more information on the popular bank statement for income loan, the asset based programs, and even the true no income documentation loans for investment properties.

Learn about our no income doc, bank statement, asset based, 1099 income, and other non traditional alternative mortgage loans.

Here we will review many of the current alternative loan option including bank statements loans, non-prime loans, asset based qualifying, and even no doc investor cash flow options.

BANK STATEMENTS for Income Proof Loans

Bank statement loans are our most popular alternative documentation loan product. With bank statement programs, generally lenders will use either 100% of personal bank statement deposits, or 50% of business bank statements as your qualifying income. If you are a joint owner, business accounts are 50% of deposits, then divide by the number of owners.

The terms are generally available as both fixed and adjustable rate mortgages, with significantly higher interest rates than traditional loans. Down payment requirements typically tend to be at least 20% down or more, but as little as 10% is possible with good credit.

• 12 Months personal statements - 100% of deposits *
• 12 or 24 month bank statements - 50% of deposits divided by number of owners in company
• Must be self employed at least two-years (and be able to prove it)
• Rates starting about 1.50% higher than standard loans with excellent credit. (call 651-552-3681 for quote, or complete our Quick Quote Form)
• 4 years since:
  
  • Foreclosure
  • Short Sale
  • Bankruptcy
  • Deed-in-Lieu
• Up to 90% Loan-to-Value with no PMI
• Loans up to $3 million
• Minimum loan amount $150,000
• 30-year fixed rates only
• Purchase or Refinance
• Owner-occupied, 2nd home, and rental properties allowed.

* Obvious "income" deposits. One time event deposits do not count. For example, you receive a large deposit from the estate of your parents would not count as income.

APPLY FOR A BANK STATEMENT LOAN

Investor Cash Flow Mortgage Loan

Investor Cash Flow DSCR Loans ( Debt Service Coverage Ratio )

Are you an investor?  Buying a rental property?

We have loans for investors ONLY that all you to qualify based on the simple concept that the property cash flows.

No income documents, like W2's or tax returns required. 

As an investor, buying homes under traditional conventional programs can many times be a major hassle with submitting complicated tax returns, income statements, how many homes do you already own, cash reserve requirements, and more make it difficult for many investors.

We make it easy to qualify to buy more homes with our Cash Flow loan, which allows you to qualify simply based on a rental analysis of the property to determine cash flow. If it cash flows, you are good!  This saves you all the hassle of the complicated income statements and tax returns of conventional loans

• No personal income used to qualify
• Qualification based on property cash flow
• 2 years seasoning for foreclosure, short sale, bankruptcy or deed-in-lieu
• Credit scores down to 680
• Rates starting in the mid 4’s with excellent credit.
• Up to 80% Loan-to-value - Buy may be lower depending on situation
• No Debt-to-Income restrictions
• MUST have a current primary home mortgage
• Property can NOT be rural
• 1-4 units and condos
• No limit on number of properties financed (but just 5 with us)
• Loans up to $1.5 million
• Seller paid closing costs up to 2% of the purchase price.
• 7/1 ARM and 30-yr fixed Available

Learn more about our no doc rental property loans.

APPLY FOR A NO PROOF OF INCOME INVESTOR LOAN

Are you technically self employed because you received 1099's instead of W2's and a regular paycheck with withholdings?  Then we have a program for you. A great alternative to bank statement loans for those who are technically self employed because they receive 1099's instead of W2's, but you essentially are unable to qualify for a standard full documentation loan because of write-offs.

Under this program, we basically take your 1099's, add them up, then give you 80% of the total of the 1099's as qualifying income for a mortgage loan.

We will also need your last 12 months bank statements. We will add up the deposits on the statements to 'support' your 1099 income. For example, if your 1099's equaled $100,000 last year, your last 12 months of deposits should also be in the ballpark of $100,000 too.

• Use most recent one or two years 1099's, plus year-to-date earning statement as proof of income
• 1099 must be from a single company
• Must be 1099 (self employed) for at least two-years
• Minimum score at least 640
• No tax returns needed
• Max loan-to-Value 80% with a 640 score
• Max loan-to-value 90% with a 700 score
• Loans to $3 million
• Minimum loan size $150,000
• Purchase, refinance, or cash out refinance allowed
• Four years since foreclosure, short-sale, bankruptcy, or deed-in-lieu

APPLY FOR A 1099 INCOME LOAN

ASSET BASED / ASSET DEPLETION Loan Programs

In lieu of normal income documentation, borrowers with significant net worth may qualify for a mortgage loan by documenting sufficient assets to cover the following:

Qualification is based solely on borrowers assets with the following formula:

Loan Amount Needed
+ Monthly Other Debt (car loans, credit cards) times 24 months,
+ Principal, interest, taxes, and insurance (times 12 months)------------------

= Minimum total assets needed to qualify!

Assets allowed:

100% of Checking, Savings, money market. 75% of Annuities, mutual funds, stocks, bonds. 70% of retirement accounts (401k, IRA, SEP, KEOGH)

Other Features:

• No income proof needed
• No employment needed
• No Tax Returns
• 720 credit score or higher
• Maximum loan is 80% of purchase price or appraised value in a refinance (80% to $1m, 75% to $1.5m, 70% to $2m)
• Retirement (non 401k) accounts - Borrower under 59 1/2 = 70% of value. Over 59 1/2 80% of value
• Retirement 401k accounts - Maximum of 50% of borrowers vested value may be used. 401k may account for no more than 50% of
• borrowers total assets used to qualify
• All assets used must be personal. Business assets not allowed
• Funds from or deposits from or within a Trust Account will not be allowed

APPLY FOR AN ASSET BASED MORTGAGE LOAN

Foreign National Loans

This mortgage program is designed for foreign nationals wanting to purchase or refinance a home in the United States.  No income or US Credit required to qualify

• Minimum down payment 30%
• Maximum of 65% loan-to-value for a cash out refinance
• No U.S. credit score needed.
• Assets must be sourced and seasoned for at least 60-days IN A US BANK ACCOUNT
• At least 12 months of the house payment left in a U.S. Bank account after closing
• ACH auto payment required
• Primary residence can NOT be in the United States
• Loan amounts from $75,000 to $1,500,000

APPLY FOR A FOREIGN NATIONAL MORTGAGE LOAN