At Resolute Lending, we understand that traditional income documentation doesn't always reflect the true financial picture of self-employed individuals. That's why we offer Bank Statement Loans, designed specifically for self-employed borrowers, small business owners, and independent contractors who need an alternative method to demonstrate their income.
No Tax Returns Required: Qualify using 12 or 24 months of personal or business bank statements instead of traditional tax documents.
Loan Amounts: Borrow up to $4 million, with a minimum loan amount of $150,000.
Property Types: Eligible for owner-occupied homes, second homes, and investment properties.
Credit Score: Minimum FICO score of 640; up to 90% Loan-to-Value (LTV) with a 720+ FICO.
Business Ownership: Borrowers can own as little as 25% of the business.
Seasoning Requirements: Two years' seasoning for foreclosure, short sale, bankruptcy, or deed-in-lieu.
Additional Options: 1099 income option and Profit & Loss (P&L) statements accepted as valid forms of income verification.
Residency: Permanent and non-permanent residents are eligible.
Expense Factor: Default expense factor of 50%; companies with lower expense factors require a statement from a CPA, tax preparer, or bookkeeping company.turacomortgage.com+4Angel Oak Mortgage Solutions+4Angel Oak Mortgage Solutions+4Banks.com+4Business Wire+4my.angeloakms.com+4Angel Oak Mortgage Solutions+5Angel Oak Mortgage Solutions+5turacomortgage.com+5
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๐ Ideal Candidates for Bank Statement Loans:
Self-Employed Professionals: Entrepreneurs, freelancers, and business owners who have significant tax write-offs.
Independent Contractors: Individuals with income that doesn't fit traditional verification methods.
Real Estate Investors: Those looking to purchase or refinance investment properties.
Non-Permanent Residents: Borrowers without permanent residency status but with verifiable income through bank statements.Angel Oak Mortgage Solutions
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๐ Benefits of Choosing a Bank Statement Loan:
Simplified Income Verification: Use your bank statements to showcase your income, avoiding the complexities of tax returns.
Higher Loan Amounts: Access to larger loan amounts compared to some traditional loan programs.
Flexible Terms: Options tailored to fit your unique financial situation and property goals.
Quick Processing: Streamlined documentation leads to faster loan approvals and closings.Banks.com+1Angel Oak Mortgage Solutions+1
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๐ How It Works:
Provide Bank Statements: Submit 12 or 24 months of personal or business bank statements.
Income Calculation: We'll analyze your average monthly deposits to determine your qualifying income.
Loan Structuring: Based on your income and credit profile, we'll structure a loan that fits your needs.
Approval & Closing: Enjoy a streamlined approval process leading to a timely closing.Angel Oak Mortgage Solutions+2turacomortgage.com+2my.angeloakms.com+2Dream Home Financing
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๐ Ready to Explore Your Options?
At Resolute Lending, we're committed to providing personalized mortgage solutions that align with your financial goals. If you're self-employed and seeking a mortgage that recognizes your unique income structure, our Bank Statement Loan Program could be the perfect fit.my.angeloakms.com+1Angel Oak Mortgage Solutions+1
๐ Contact us today to learn more and start your journey toward homeownership or property investment.