Bank statement loans are making a come back.
They are designed for people that have income deposits flowing through their checking account, but for what ever reason they don’t show much income on their tax returns. …typically they are self employed.
We take 12 or 24 months of bank statements. We average their monthly income deposits. …and, that’s what we give them for income.
By the way it’s simpler and easier to use personal bank statements over business bank statments, but it’s not impossible to do business bank statements.
You will pay a higher interest rate, and put more down payment on these type of loans. If you have decent credit you can get rates under 6% however. Down payment will range from 15% to 25%.
If have more questions about this type of loan give me a call, or shoot me an email.
That’s it for today!
Have a good day today! …and thanks for reading.