Bank statement loan for mortgage

If you’re self employed and trying to purchase a home, you might find that some mortgage processes are harder for you. Some lenders are hesitant to loan hundreds of thousands of dollars to a self-employed business owner, especially if your company is not very old.

At Indigo Mortgage, we have access to mortgage loans that are just outside of traditional mortgages, designed for self employed borrowers. We call these Bank Statement Loans, and its exactly what it says– we use 12 to 24 months of bank statements to qualify borrowers for a mortgage.

As long as they show enough income from their bank statements and have a credit score above 660, they can borrow up to 80% Loan to Value on the new home. If a borrower has excellent credit, they can borrow up to 90% Loan to value.

The rates on a bank statement loan are a bit higher than traditional mortgages but it’s great way for self employed borrowers who cannot use their tax returns to qualify. The borrowers must have been in business a minimum of 2 years to qualify.

So if there are any self employed borrowers out there who cannot qualify for a mortgage using their tax returns as their verification of income or meet the source of funds requirements, Indigo Mortgage has a great alternative in our bank statement loan program.

We’ve helped New Mexico homebuyers find the right mortgage for their circumstances since 2003. Give us a call today.

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