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Showing posts with label stated loans. Show all posts
Showing posts with label stated loans. Show all posts
Monday, November 9, 2015
Use Your Bank Statements As Income
Many self employed borrowers do not show a lot of income on their tax returns in the form of net profits. But many have a lot of funds flowing through their business or/and personal bank statements. To document income the borrower would add up all the deposits in their bank statements and average the totals over a 24 month period. You can use 50% of business bank statements and 100% of personal bank statements but you cant use both. This program allows loan to values up to 90% of the purchase price and seasoning on bankruptcies, foreclosures, short sales, and bankruptcies down to the next day after the event. FICO scores as low as 500!
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