Mortgage and Portfolio Loan Guide

Bank Statement Loan

portfolio mortgage lenders

Getting a mortgage when you’re a business owner can be tough.

But it shouldn’t be impossible.

A bank statement loan might be your best solution if you’re a business owner looking to buy or refinance a home.bank statement mortgage

When you’re self-employed you do your best to take full advantage of the tax write-offs you’re entitled to. One of the only times those┬ásignificant write-offs becomes an issue is when you’re looking to finance a home.

Most lenders will take a look at your tax returns and tell you that you don’t qualify for a mortgage because you just don’t show enough income on your tax returns.

There is a better way.

When getting approved for a portfolio loan you have an opportunity to get evaluated from a common sense standpoint. Your bank statements are collected from a 12-24 time period and deposits are added and averaged. Also you’ll need a 12 month profit and loss statement.

Bank Statement Loan Highlights

  • 20% down minimum

  • 680 credit score minimum

  • Available on primary residence, 2nd home, and investment property.

  • Interest only option available

  • 12-24 month bank statements are required. Will consider business bank statements on a case-by-case basis.

  • 12 month profit and loss statement prepared by CPA or tax professional is needed.

  • Available on purchase and refinance.

  • Must be at least 3 years from major credit issue (bankruptcy, foreclosure, short-sale, etc.)

Each scenario is evaluated individually. There is no cookie cutter circumstance.

portfolio mortgage lenders

 

I invite you to reach out to me directly to learn more.

It would be a privilege to connect and find a way to accomplish your goals.

 

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