Bank Statement Programs: Alternative Solutions for Home Financing
A bank statement mortgage loan is a wonderful financing option for clients who want to purchase a home, but who may have difficulty qualifying for a conventional loan. Bank statement programs are great options for would-be homeowners who are self-employed or receive their income through alternative sources. Innovative Mortgage Services is your destination for bank statement programs and other home financing in Port St. Lucie, Vero Beach, Stuart, Fort Pierce, FL, or surrounding communities. Our certified mortgage brokers work with top lending organizations to provide competitive conventional and alternative loan options. Contact us today to discuss your dreams of purchasing a home, free of charge.
How a Bank Statement Programs Works
We can learn a lot about your finances through your bank statements in the past 12-24 months. We know that some clients may have low income reported on their tax statements. This program allows them to apply for a home loan often with bank statements alone, without providing tax returns, W2 statements, paycheck stubs, rental agreements and other paperwork. The application process for a bank statement mortgage has the same goal of any type of loan evaluation: to determine if you are capable and likely to make your payments.
It is important to keep in mind that a bank statement programs may have a higher interest rate than with conventional loans. Borrowers usually also have to provide at least a 20% down payment. At Innovative Mortgage Services, we work closely with a variety of lenders to provide the best rates possible, with fast approvals for your loan. We offer bank statement programs both for home purchase and refinance.
Eligibility for a Bank Statement Programs
The most common type of borrowers who apply for bank statement programs are clients who are self-employed. For these clients, we evaluate personal bank statements and/or business bank statements to evaluate loan worthiness. We can provide bank statement loans to clients who use a shared personal/business account and for those who keep them separate. For some clients, we also evaluate a profit and loss statement, which can be provided from a tax preparer.
Because your bank statement is the primary measure we will use to evaluate your loan, there are a few things to note. First, you should have minimal to no “overdrafts” or “non-sufficient funds” charges on your account. Additionally, it is important that the cash flow in your account is sufficient to make your regular payments and other homeownership expenses. We evaluate each client on a case-by-case basis, so it is important to speak with one of our certified brokers before making any assumptions.
Getting Started Today
If you are self-employed or have an alternative income source that may not meet qualifications for a conventional mortgage, contact Innovative Mortgage Services today. Our certified mortgage brokers offer bank statement programs for clients like you who would consider buying a home in Port St. Lucie, Vero Beach, Stuart, Fort Pierce, or surrounding areas.