Bank Statement Loans For Self Employed Borrowers

Gustan Cho Associates
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This BLOG On Bank Statement Loans For Self Employed Borrowers Was UPDATED And PUBLISHED On August 28th, 2019

Bank Statement Loans
Gustan Cho Associates

Gustan Cho Associates Mortgage Group are experts on the following loan programs:

  • FHA Mortgages
  • VA Mortgage Loans
  • USDA Loans
  • Conventional mortgage loans
  • Reverse mortgage loans
  • No Doc Fix and Flip Loans
  • No Doc Investment Property Loans
  • Non-QM Loans
  • Bank Statement Loans For Self Employed Borrowers
  • 95% LTV Jumbo Loans With No Mortgage Insurance

NON-QM Loans With No Mortgage Insurance For Borrowers With Bad Credit

NON-QM Loans With No Mortgage Insurance For Borrowers With Bad Credit

We are known nationally for its no lender overlays and specialize in bad credit mortgage loans.

  • For those who have credit scores under 600 FICO, Gustan Cho Associates at Loan Cabin Inc. is able to secure home loans at competitive mortgage rates
  • Borrowers with credit scores between 500 and 580 FICO, can qualify for FHA Loans with a 10% down payment.
  • Borrowers with credit scores over 580 FICO,  the minimum down payment required is 3.5% down on FHA Loans
  • VA does not have minimum credit score requirements nor debt to income ratio caps
  • No waiting period after housing event and/or bankruptcy with non-qm loans
  • We offer bank statement loans with no income tax returns required and no mortgage insurance

Portfolio Loan Programs And Guidelines

Portfolio Loan Programs And Guidelines

A good percentage of my mortgage business is portfolio loan programs.  Below are the portfolio loan programs that I can offer to portfolio loan borrowers:

  • Jumbo Portolio Loan Programs:
    • Adjustable rate mortgages up to to $ 3 Million with a credit score of 680 FICO score (over $ 3 Million Jumbo Loans are underwritten by exception) in all 50 states with no restricted markets
    • 95% LTV Jumbo Mortgages With No Mortgage Insurance
    • NON-QM Jumbo Loans with credit scores down to 500
  • 12 months Bank Statement Mortgage Loans for self employed borrowers with 20% down payment
  • With Bank Statement Loans, deposits are averaged and used as monthly income
  • Withdrawals do not count
  • NON-QM Loans does not require any waiting periods after bankruptcy, foreclosure, deed in lieu of foreclosure, short sale
  • Deferred Student Loans are exempt on NON-QM Loans
  • NON-QM Loans on Jumbo Mortgages down to 500 FICO

NON-Warrantable And Condotel Financing

NON-Warrantable And Condotel Financing

Non-Warrantable Condos to 80% LTV with virtually no restrictions – can lend on the 1st unit sold (leaseholds okay):

  • Condo-Tels & Co-ops eligible (leaseholds okay)
  • Cash-out refinance to $ 1 Million Cash In Hand without seasoning  requirements (owned less than 6 months okay)
  • ExPatriot Portfolio Loan Program offers financing to 80% LTV for foreign Citizens working in US on Employment Visa w/ no SSN, TIN or US Credit
  • Primary Residences & 2nd Homes – Income Producing 2nd Homes Okay (investment properties considered case-by-case at max 50% LTV)
  • Acreage Okay – over 10 acres permitted, even if income producing
  •  Unique properties allowed with reasonable comps
  • Asset based Underwriting for Borrowers age 59 ½ and older
  • Arbitrary bonus income often permitted for Borrowers starting a new job, in same line of work, with a detailed compensation plan/letter      
  • 90% CLTV for SFR, Primary Residence refinances when 2nd is subordinated, up to combined loan amount of $ 1,500,000
  • Number of financed properties is not capped, but reserve requirements apply to each property owned.

Private Money Loans And Hard Money Loans

Private Money Loans And Hard Money Loans

Gustan Cho Associates Mortgage Group can help real estate investors with alternative financing and Private Money Loans.

Private Money Loans and Hard Money Loans are ideal loan programs for real estate investors, property flippers, and those needing short term bridge loans.

Please keep us in mind – We are available 7 days a week, evenings, weekends, and holidays. Feel free to contact us at Gustan Cho Associates at 262-716-8151 or text us for faster response. Or email us at gcho@gustancho.com.

We are always available if you have any questions or would like to discuss a loan scenario.

Gustan Cho NMLS ID 873293

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