Bank Statement loans allow Self-Employer buyers to use 12 or 24 months personal or business bank statements as the income source to qualify for a mortgage loan.
No Tax Returns Required!
Up to 90% LTV!
Credit Scores as Low as 660!
We are a Direct Lender!
Our Bank Statement mortgage program is the perfect option for self-employed borrowers who need an alternative method to show the true cash flow of their business. Borrowers do not have to own 100% of the business. Our Bank Statement program provides a loan solution to help underserved credit-worthy self-employed borrowers who otherwise would not qualify for a home loan.
The amount of the down payment involves several factors including the type of bank statement, number of statements and credit score. We have programs that allow as little was 10% down payment.
One year Self-Employed
2+ year seasoning of Foreclosure or Bankruptcy
Non-Permanent Residents Allowed
Min FICO® credit score of 660
Bank Statement Loans are a great option for Self-Employed buyers. We also have many years of underwriting experience and can often qualify buyers on Conventional Loan Programs. If you would like more information, please call me at 352-446-9422 or email me at rick.scherer@planethomelending.com. If you would like to get pre-approved, you can apply now.
This tool helps you determine the potential purchase price of a home you may qualify for with the information you provide. This is an estimate only and we do not guarantee these results and this is not a committment to lend. This is not a pre-qualification or pre-approval. All information entered must be verified and is subject to credit approval.
As a W2 employee, please use your gross income. If you have earned Overtime, Bonus, Commission or Tips for at least 1 year, that income can be included also. You may also include any additional income like SSA, Child Support, Alimony, etc if the income can be verified.
As someone that is Self-Employed, we use your net taxable income for the last 2 years. Depending on your business, it might be on a schedule C, form 1120S, form 1065 or form 1120. Gross income cannot be used on most loan programs. If you would like to inquiry about non traditional programs, please email us at rick.scherer@planethomelending.com
Being Retired, you can use income from any verifiable source like Social Security, Retirement, Pension, IRA Distributions, Annuities, etc. Income that is not taxed may also be grossed up 15-25% in most cases. Please include all verifiable income sources in the amount.
Monthly debts are installment (auto, personal, student, etc) or revolving debts (credit cards, lines of credit, etc). Do not include rent, utilities, phone, insurance, etc.
Mortgage companies use FICO scores 2,4 & 5 with the 3 major credit companies. Your qualifying score would be the middle score (throw out the highest and lowest scores).
*By submitting this request, you acknowledge this is only an estimate and Planet Home Lending does not guarantee the results. To be used for information purposes only. This is not a commitment to lend. An application and supporting documentation is required for approval of any advertise loan terms. Equal credit opportunity. Please contact us at (352) 446-9422 with any questions or concerns.
PLANET HOME LENDING, LLC. AND THIS OFFER ARE NOT ENDORSED BY OR AFFILIATED WITH ANY GOVERNMENTAL AGENCY. THIS OFFER IS NOT BEING MADE BY ANY AGENCY OF THE US GOVERNMENT.
This site is not approved by the New York State Department of Financial Services. This site is not intended to solicit business within the State of New York, nor can applications for properties located in the state of New York be facilitated through this site.
