Andres Garcia Loan Officer NMLS: 2246130 813-847-4199
Bank Statement Mortgage
Redefining Homeownership With Bank Statement Mortgages
Empowering the Self-Employed through Tailored Mortgage Solutions
640
Minimum Credit Score
50%
Maximum Debt To Income
90%
Maximum Loan To Value
$15M
Maximum Loan Amount
Pros of Bank Statement Mortgages
1
No Tax Returns Needed
For a variety of reasons this is a big relief for some of our clients, especially the self employed.
2
Easier Underwriting
Underwriting criteria are a lot more forgiving for Bank Statement Loans.
3
No PMI!
The higher interest is easier to swallow when you learn that there is no PMI regardless of LTV.
Cons of Bank Statement Mortgages
1
Higher Cost Loan
Even after factoring PMI savings the payment will likely be higher than a comparable Conventional Loan.
2
Higher % Down
A bank statement mortgage requires a minimun of 10% down with a credit score over 700. % down increases as credit score drops.
Key Issues That Will Get Early Attention
1
Try Conventional
With the way we're set up it's easy to check Traditional and Specialty programs simultaneously. If we can save you money we will.
2
Identify Income
What we count is valid deposits. It's best to send it in to the underwritter and have them confirm so 100% confident in the information and you can move forward confidently.
3
Analyze Credit
Aside from the typical qualification, we're looking for errors, innacuracies and rapid re-score opportunities to optimize your credit score so we can find the best terms.
4
Discuss Mortgage Strategy
If you qualify for a conventional loan it means you paid a lot more in taxes. We'll discuss what you would have to do to qualify for conventional financing so can prepare for a future refinance if it makes sense to do so.
