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Some borrowers may document qualifying income using eligible deposits shown on personal or business bank statements instead of relying only on tax-return income.
An underwriter reviews eligible deposits, business activity and any applicable expense factor to calculate qualifying income. Personal-statement programs may use different self-employment documentation than business-statement programs.
Current wholesale-partner programs may offer options for primary homes, second homes, investment properties, two-to-four-unit properties and some condos. Credit, assets, reserves, property eligibility and the complete loan structure are still reviewed.
The source program described options reaching 90% loan-to-value, cash-out, interest-only payments and loan amounts up to $3.5 million. Those are not promises or universal limits; availability, pricing and maximum leverage change with the borrower, property, occupancy and current investor guidelines.
Frequently asked questions
Some programs may calculate qualifying income from eligible bank deposits instead of tax-return income. Other documentation and full underwriting are still required.
Potentially. Personal and business statement programs use different deposit and expense analyses, so the current requirements must be matched to the borrower.
General information is useful. A mortgage professional can help you evaluate the facts that apply to you.
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