Mortgage Program for Self-employed Borrowers
This program is available to use for both home purchases and refinance & features multiple ways to personalize it for your unique needs.
“A mortgage built for self-employed borrowers.”
A Borrower is considered self–employed where he or she has a 25% or more ownership interest in a business.
“This new program can help borrowers qualify using bank statements in place of traditional income documents”
With the Advantage Bank Statements loan, self-employed borrowers may get a loan even without tax documents. This can alleviate the problem of self-employed individuals who find it difficult to apply for a loan because their tax returns do not reflect their actual income or earning capacity. With this program, bank statements can take the place of traditional income documents when purchasing a new home or refinancing an existing one and can be customized to fit the needs of every self-employed borrower.
Continue reading below to learn more details.
Features and benefits:
- Loan amounts from $150,000 to $3 million
- Cash-out up to $750,000
- 30-year fixed & 30-year fixed (IO), 40-year fixed (IO), 7/6 ARM, 7/6 ARM (IO), 7/6 40-year ARM (IO)
- A minimum FICO score of 660 allowed
- Max 90% LTV (purchase only) with a minimum 720 score, no mortgage insurance required
- DTI up to 50%
- Mortgage history 0x30 in the last 12 months
- Primary and second homes only
Programs for qualified borrowers. All borrowers are subject to credit approval, underwriting approval, and product requirements, including loan-to-value, credit score limits, and other lender terms and conditions. Fees and charges may vary by state and are subject to change without notice. Some restrictions may apply. Not a commitment to lend.