Key words: Business bank statement;self-employed;
Bank statement program is one of the most popular programs. It is designed for borrowers who are self-employed and would use only business bank statements to qualify.
P&L ? Not required!
Tax return? Not required!
We will simply use borrower’s bank statements to do the income analysis.
We will mainly focus on the following four characters:
1) Deposits. We will review the individual deposits on the statement and itemize deposits that are usable. Inconsistent deposit, non-business income, like IRS tax refunds, SBA loan, returned funds will be backed out.
2) Withdrawals. Generally 50% expense factor will be applied. However we will review statement debit activity for the purpose of supporting the business expense factor used to determine qualifying income. And we need to check potentially undisclosed liabilities.
3) Trending. The bank statements should show a trend of ending balances and deposit that are stable or increasing over the 24 or 12 month period.
4) NSF. Excessive NSFs on the bank statements may cause the loan to be ineligible.
Too complicated & time-consuming? Just sent it to AAA!
AAA now offers free Preliminary Bank Statement Analysis Service! Just send your bank statements with a letter to explain borrower’s business nature and borrower’s ownership, we will take care of the rest!
Disclaimer: The preliminary bank statement analysis is intended for informational purposes, for mortgage professionals only. This is not a credit application, credit approval, or a commitment to lend and should not be construed as lending advice. Loans are subject to borrower qualifications, including but not limited to, verified credit score, assets, existing debt, property evaluation or other factors, and final credit approval. Approvals are subject to underwriting guidelines, rates, terms, and program guidelines.
AAA Lendings is a direct mortgage lender with over 20 years of lending experience. We have a group of experienced professionals providing services for home buyers and people with mortgage needs. We offer 100+ customized loan programs in conventional, FHA, VA, EZ qualified and foreigner nationalloans. We always put customer's needs first and provide the best customized solution for each customer.
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