Qualifies income of applicants income using two months bank statements

• Available for purchase, rate/term refinance or cash-out refinance
• Income is calculated based on Personal and business bank statements:
  • Personal bank statements income calculation, use 100% of account
    • 2 months deposits total = $9,000/2 months = $4,500/mo.
  • Business bank statement income calculation use 50% of account:
    • 2 months deposit total = $9,000/2 months X 50% = $2,250/mo.
• Needs business license for last two years OR CPA/CTEC/EA letter.
  • Borrower prepared and signed P&L to match income for two months.
• Reserves are required depending on LTV and Loan amount.  Either 6 months or 12 months should be expected.
• Business funds may be counted toward down payment, closing costs and reserves.
• Gift funds are allowed on primary residence and second homes.
  • Donor must be blood or legal relative.
  • Letter must be provided.
• Condo’s are OK
• First time home buyers are OK
• Foreign Nationals are ok with valid VISA or through the VISA waiver program.
• FSBO is okay so long as it’s an arms length transaction

There are other options that use bank statements to qualify.  This is just one of them, please reach out to me with a scenario and I can recommend what’s best.