Bank statement non-QM loans are a type of mortgage loan that is designed for self-employed borrowers who may not meet the traditional income and employment verification requirements of a conventional mortgage. These loans are based on the borrower's bank statements, rather than pay stubs or tax returns, which can make them a more flexible and accessible financing option for self-employed individuals. We'll take a closer look at bank statement non-QM loans and how they can benefit self-employed borrowers.

One of the key advantages of bank statement non-QM loans is that they allow self-employed borrowers to use their bank statements as proof of income, rather than traditional income documentation such as pay stubs or tax returns. This can make it easier for self-employed individuals to qualify for a mortgage loan, as they may not have access to the same type of documentation as salaried employees.

Up to

90%

LTV - Purchase

90%

LTV - Rate & Term

80%

LTV - CASH OUT

$150K - $5M

Price Range

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Bank Statement Loan

Another advantage of bank statement non-QM loans is that they can offer more flexible terms and conditions than traditional mortgage loans. For example, some non-QM loans may allow borrowers to have a higher debt-to-income ratio or a lower credit score than would be required for a conventional mortgage. This can make it possible for self-employed borrowers who may not qualify for a traditional mortgage to obtain financing.

When applying for a bank statement non-QM loan, self-employed borrowers will need to provide their bank statements for a specific period of time, typically 12 to 24 months. The lender will then review the statements to determine the borrower's income and financial stability.

It's important to note that bank statement non-QM loans may carry a higher interest rate than traditional mortgage loans, as they are considered to be higher risk. As a result, self-employed borrowers should carefully compare offers from different lenders and consider the total cost of the loan before deciding which option is best for them.

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Mortgage Lending For Bankruptcy?

It is generally more difficult to obtain a mortgage loan after filing for bankruptcy, but it is not impossible. The exact terms and conditions of a mortgage loan after bankruptcy will depend on a variety of factors, such as the type of bankruptcy that was filed, the lender's policies, and the borrower's credit history and income.

After filing for Chapter 7 or 11 bankruptcy, you can expect that your credit score will be negatively impacted for approximately 10 years. This means that you may have difficulty getting approved for new loans or lines of credit during this time period. Additionally, your income may be severely limited by restrictions placed upon you by your court-appointed trustee during this time period. If your Chapter 13 plan was successful and you did not miss any payments during the repayment period, however, this may not affect your ability to obtain mortgage financing at all.

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Employment

Complete Income Tax Returns for past 2-years
W-2 & 1099 Statements for past 2-years
Pay-Check Stubs for past 2-months
Self-Employed Income Tax Returns and YTD Profit & Loss Statements for past 3-years for self-employed borrowers

What Documents are Needed to Apply for a Home Loan?

Your loan approval depends 100% on the documentation that you provide at the time of application.
You will need to give accurate information on:

Savings

Complete bank statements for all accounts for past 3-months
Recent account statements for retirement, 401k, Mutual Funds, Money Market, Stocks, etc.

Credit

Recent bills & statements indicating account numbers and minimum payments
Landlord’s name, address, telephone number, or 12- months canceled rent checks
Recent utility bills to supplement thin credit
Bankruptcy & Discharge Papers if applicable
12-months canceled checks written by someone you co-signed for to get a mortgage, car, or credit card, this indicates that you are not the one making the payments.

Personal

Drivers License
Social Security Card
Any Divorce, Palimony or Alimony or Child Support papers
Green Card or Work Permit if applicable
Any homeownership papers

Refinancing or Own Rental Property

Note & Deed from any Current Loan
Property Tax Bill
Hazard Homeowners Insurance Policy
A Payment Coupon for Current Mortgage
Rental Agreements for a Multi-Unit Property

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