This BLOG On Bank Statement Jumbo NON-QM Loans For Self-Employed Borrowers Was PUBLISHED On December 19th, 2019
Gustan Cho Associates offers Bank Statement Jumbo NON-QM Loans For Self Employed Borrowers.
- Self-employed borrowers can qualify for a Jumbo NON-QM Loans For Self-Employed Borrowers without income tax returns, high credit scores, and low debt to income ratios
- Bank Statement NON-QM Loans For Self-Employed Borrowers do not require income tax returns
- Lenders will require 12 months of bank statements only and average the monthly deposits
- The average of the 12 month’s deposits will be used as the average monthly income
- Withdrawals do not count
- Only deposits
- Either personal or business bank statements can be used
- Borrowers need to be self-employed
In this blog, we will discuss Jumbo NON-QM Loans For Self-Employed Borrowers. Gustan Cho Associates offers Bank Statement Jumbo NON-QM Loans For Self-Employed Borrowers with no private mortgage insurance required.
Bank Statement Jumbo NON-QM Loans For Self-Employed Borrowers Eligibility Requirements
Bank Statement NON-QM Loans are for self-employed borrowers only.
- Right after the 2008 Real Estate and Credit Meltdown, self-employed home buyers had a difficult time trying to qualify for home loans
- The whole mortgage industry went through a major overhaul and changes
- Self-employed people have the luxury to write off many expenses
- While unreimbursed business expenses are great for tax deductions for self-employed people, it is not good when it comes to qualifying for a mortgage
- With our Bank Statement Jumbo NON-QM Loans For Self-Employed Borrowers, business people can now qualify for home loans with no income tax returns
- 12 months personal and/or business bank statement deposits are averaged
- The monthly average is the monthly qualifying income
- If personal bank statement deposits are used, then 100% of the deposits are averaged
- If the business bank statements are used, then 50% of the average deposits are used as the qualifying income
- 20% down payment is normally required
- However, 10% to 15% down payment loan programs are available for higher credit score borrowers
- There is no private mortgage insurance required on Bank Statement Jumbo NON-QM Loans For Self-Employed Borrowers
- The maximum loan limit is $3 million. Loan limit higher than $3 million will be based on a case by case scenario basis
- The down payment required depends on the borrower’s credit scores
- Mortgage Rates are determined by the borrower’s credit scores and down payment
- Minimum credit score requirements are 500 FICO
- The higher the borrower’s credit scores, the lower the down payment requirement
- Maximum debt to income ratio is capped at 50%
Qualifying For Jumbo Loans For Self-Employed Borrowers
Lenders consider Jumbo Loans a higher risk than traditional government and conventional loans. Higher risk means higher risks. Reason Jumbo Loans are considered riskier investments is in the event borrowers default on their loans, it takes longer to sell the property in the open market. You need a special buyer for higher-end homes. It may take months and/or years longer to liquidate a higher-end home. Lenders want borrowers to have skin in the game when it comes to jumbo mortgages. That is why the more down payment a borrower puts down, the lower the interest rate. Higher credit score borrowers are considered less risk by lenders. That is why higher credit score borrowers will get lower mortgage rates. Self-employed higher-end home buyers needing to qualify for a non-traditional jumbo mortgage, please contact us at Gustan Cho Associates at 262-716-8151 or text us for faster response. Or email us at email@example.com. We are available 7 days a week, evenings, weekends, and holidays. We have several jumbo loan programs such as 5% down payment Jumbo mortgages and super jumbo loans up to $10 million.