Bank Statement loans
Understanding Bank Statement Loans with M & M Mortgage LLC
What is a Bank Statement Loan?
A Bank Statement Loan is a type of loan that allows you to qualify based on your bank statements rather than traditional income verification methods like tax returns. This can be especially beneficial for self-employed individuals or those with significant business expenses or write-offs that make it difficult to qualify for traditional loans.
Why Choose a Bank Statement Loan?
Bank Statement Loans offer flexibility for borrowers who might not fit the standard criteria for traditional loans. Here's why this loan might be right for you:
- Qualify Outside Traditional Means: Ideal for individuals with high expenses or substantial write-offs, allowing you to get funding that traditional financing would deny.
- Flexible Income Sources: You can combine self-employment income with other sources like W2, asset utilization, and rental income.
- No Need for Tax Returns: You won't need to provide tax returns or transcripts, which simplifies the application process.
Key Features of Our Bank Statement Loans
- Income Verification: Provide 12 or 24 months of personal or business bank statements, and we'll determine your qualifying income.
- Flexible Expense Factors: Expense factors can be as low as zero, and no CPA letters are required.
- Credit Scores: Starting as low as 620.
- Loan Amounts: Up to $3.5 million.
- Down Payment: As little as 10% down.
- Debt-to-Income Ratio: Up to 50%, with no front-end ratio required.
Additional Details
- Self-Employed Buyers Welcome: Including 1099 employees.
- Combine Income: You can combine various income sources for qualification.
- Title Flexibility: Title can be held in LLC/Corp or Trust for all occupancy types.
- 40-Year Interest-Only Option: Available up to 80% Loan-to-Value (LTV).
- Cash Out Options: Up to 80% LTV with a minimum 680 FICO score.
- Short Seasoning Period: Only 1 year for short sales, foreclosures, or bankruptcies, although additional pricing adjustments may apply.
- Non-Occupant Co-Borrowers Allowed: To help you qualify.
- Flexible Appraisals: We accept hybrid and transferred appraisals.
Why M & M Mortgage LLC?
At M & M Mortgage LLC, we've been serving the Twin Cities community since 2006, offering personalized mortgage solutions that cater to your unique financial situation. Our team of experienced professionals is dedicated to helping you navigate the loan process smoothly and confidently.
Get Started Today
Whether you're a business owner or an individual looking for a flexible mortgage option, our Bank Statement Loans could be the perfect solution. Contact M & M Mortgage LLC today to learn more and see how we can help you achieve your financial goals.
By providing detailed, easy-to-understand information about Bank Statement Loans, M & M Mortgage LLC aims to empower you to make informed decisions about your financial future. Let us be your trusted partner in navigating the complexities of securing a loan.