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When trying to qualify for a mortgage loan, some self-employed borrowers can show great cash flow in their business, but do not show enough income on tax returns to qualify for a mortgage. And most mortgage lenders use those tax returns as the vital part of the qualification process.

Indigo Mortgage has a great program designed just for these self-employed borrowers called a bank statement loan. We can use 24 months or even just 12 months of bank statements to show the homebuyer’s income, in order to qualify them for the mortgage.

We can use either personal bank statements or business bank statements. For this bank statement mortgage loan, the borrowers must be in business for over 2 years to qualify and they’ll need credit scores above 660.  The down payments are a bit higher and the interest rates will be a bit higher but this gives these borrowers a great chance to purchase or refinance when a conventional loan just wont work.

We have been able to help quite a few self-employed borrowers become homeowners with this bank statement loan program. If this is something that might interest you as you’re preparing to purchase a home in the Albuquerque metro or across New Mexico, give Indigo Mortgage a call.

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