#Non-QM Loans
BANK STATEMENT
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%
LVT - RATE & TERM
80%
LTV - CASH OUT
$150K - $5M
PRICE RANGE
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.
Bank Statement Loan
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