The One-Month Bank Statement Program Details:
➤ Self-employed Borrowers (two-year history required by (i) CPA Letter or (ii) Business License)
➤ U.S. Residents
➤ Income is ATTESTED to and DECLARED; Underwriter to confirm reasonable for job and compare to credit usage / history
➤ Purchase Max LTV of 75%
➤ Refinance Max LTV of 70% (rate and term or cash out)
➤ Borrowers with a minimum Credit Score of 700
➤ Borrowers with a minimum credit depth of one (1) account of five (5) years & minimum of two (2) accounts with a two (2) year history, each paid as agreed
➤ No credit events within the last five (5) years including mortgage (minimum twenty four (24) month recent mortgage history required)
➤ No charge offs, collections, or tax liens in the last three (3) years
➤ Maximum loan amount of $3,000,000
➤ Minimum loan amount of $250,000
➤ Owner-occupied transactions
➤ SFR / Condo / Townhouse Property Types
➤ Most recent personal account’s bank statement with no NSFs and positive ending statement
➤ Closing Funds may come from the account provided for qualifying income and an Escrow Deposit Receipt is required
(only one month’s statement is required for assests)
➤ Reserve funds are not required
➤ Fixed rate and adjustable programs available
➤ Secondary Financing is not allowed
➤ Property must be in good condition and conform to the area
➤ No rural properties
➤ No first-time homebuyers