Bank Statement Mortgage Loans New Jersey

Purchase or Refinance:

• No paystubs
• No W2’s
• No tax returns
• No 1099’s

Property Type:

• Single Family
• 2 Unit
• 3 Unit
• 4 Unit
• Condo
• Townhouse
• Second homes
• PUD
• Condotel

Purchase or Refinance:

• Purchase up to 90% LTV
• Cash-out and rate and term refinance up to 80% LTV
• Minimum credit score of 600
• Primary, second home and investment home
  
• 5 year and 7 year ARMS available

What are Bank Statement Mortgage Loans?

Bank Statement mortgage loans are for borrowers that want to purchase a home or refinance a home but do not meet Fannie Mae or Freddie Mac guidelines.

Are you self-employed and having trouble getting a mortgage based on the net income shown on your tax returns? We have a solution for you: Bank Statement Mortgage Loans.

This program is open to owners of companies, 1099 employees, sole proprietors, and those who regularly deposit money into their personal or business bank accounts.

How to Qualify for a Bank Statment Loan?

To qualify, you need 12 or 24 months of consecutive bank statements, and up to 90% of your deposits can count towards your mortgage, depending on your business or service.

A minimum of 10% down payment is required, and it varies based on your credit score.

Bank statement loans are ideal for self-employed individuals who own a 25% or greater ownership interest in a business/entity or receive payment using the IRS form 1099.

Unlike other loans, bank statement loans don’t require you to submit your tax returns or W2s. You need to have a two-year employment history to qualify for stable income use.

We specialize in catering to the self-employed with bank statement-based lending options, providing the same financing abilities as those who use their taxes to prove qualifying income.

Learn more about mortgage loans.