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Find out how self employed borrowers are qualifying for home loans
Good news! You can still qualify for a mortgage loan even if you declare negative income on your federal income taxes. At Modern Lending, our 12-month bank statement loan program does not require any federal income tax returns for verification. Instead, we factor in all of the deposit amounts accumulated in your bank statements over the last year as verification of your income. Our Bank Statement Loan program does not require Private Mortgage Insurance (PMI) and there is no maximum loan limit. Borrowers can apply from $250,000 and up to $10,000,000. However, a downpayment of between 10-20% will be needed to qualify. The down payment and mortgage rate are based on your credit score.
The Bank Statement Loan Process
Self-employed borrowers only need to provide the following documents:
Benefits of Bank Statement Loans include:
Watch this short video now to find learn more about how Bank Statement Loans work and see why Modern Lending is closing 5 times more loans for self-employed homeowners in 2022 than in any previous year.
Bank Statement Loans can be used to purchase the following properties:
Scenario examples of potential borrowers
Scenario # 1: A husband or wife is self-employed and their spouse is a w2 employee
Scenario #2 Both borrowers are self-employed for at least two years in separate businesses
Lending Guidelines On Bank Statement Mortgage Loan Program
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