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
Minimum Credit Score
Maximum Debt To Income
Maximum Loan To Value
Maximum Loan Amount
Pros of Bank Statement Mortgages
No Tax Returns Needed
For a variety of reasons this is a big relief for some of our clients, especially the self employed.
Underwriting criteria are a lot more forgiving for Bank Statement Loans.
The higher interest is easier to swallow when you learn that there is no PMI regardless of LTV.
Cons of Bank Statement Mortgages
Higher Cost Loan
Even after factoring PMI savings the payment will likely be higher than a comparable Conventional Loan.
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
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.
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.
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.
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.