Bank Statement Mortgage Programs

Bank Statement Mortgage program Self Employed Borrower

Our Bank Statement Program is getting more and more popular as the word gets out that these new programs are available. As most of you know, Impac is one of the top lenders in this space, with competitive pricing and the most streamline process. Understanding that these are new programs to most, I am fielding lots of questions about what the guidelines are and what you can and cannot do. In an effort to help get everyone up to speed I have compiled a list of the most commonly asked questions with answers for you.

HOW MANY MONTHS OF BANK STATEMENTS DO YOU REQUIRE?
Only 12 Months

CAN YOU USE BUSINESS AND/OR PERSONAL ACCOUNTS?
Yes, we can use business and/or personal
iQM Alt Doc-Bank Statement Guidelines

DO YOU HAVE SOMETHING TO HELP ME CALCULATE INCOME?
Yes, click on this link for our worksheets:
Impac Forms and Resources

DO I SUBMIT TAX RETURNS AND/OR 4506’s?
No, if you do submit these items your deal will be declined

WHAT IS THE MINIMUM FICO SCORE?
620

WHAT IS THE MAX LTV?
80%

WHAT IS THE MAXIMUM DTI?
50%

CAN WE USE GIFT FUNDS?
Yes

IS THERE A PRE-PAYMENT PENALTY?
No

WHAT ARE THE AVERAGE TURN TIMES FOR THIS PROGRAM?
24 Hours in Underwriting

We have the solution for you to not have to use your taxes to get a mortgage.

12 month statements for self-employed borrower

Bank statements can be business or personal

Deposits serve as income for the Self-Employed Borrower- NO 4506T

How it works:

  • Business or Personal Accounts
  • We use 12 months consecutive statements
  • Business deposits serve as income
  • Self employed, including 1099
  • W2 Co borrower ok
  • No 4506T or tax returns
  • Minimum Credit Score of 640

 

We have the best bank statement programs available in the country.  We can help you structure you next transction for the following uses:

Fix and Flip Most Popular!

  • MAX LTV 80%
  • MAX LTC 90%
  • MIN Loan amount 100k
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Construction

  • MAX LTC 90%
  • MIN Experience 5 projects
  • MIN Loan Amount 100k
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Hard Money

  • MAX CLTV 90%
  • Mixed Use Commercial
  • Mobile Home Parks
  • MIN Loan Amount 100k
Apply Now

Availability may vary depending on your complete loan scenario and qualifications.