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Bank statement loan? Are these being done?

by marissa.krupps154 from New Florence, Missouri. Jun 21st 2016 Reply


Lorne Harvey (lorneharvey)
#81 ranked lender in Washington - 419 contributions

There is a fairly new product for people in business for themselves. Basically, the lender will allow you 50% of your deposits and determine your income based on that approach. It is a specialty product, and the interest is a bit more than the normal conforming conventional products, but could be a good way to go. I do not know a lot about that program, so I am sure some other lenders will chime in and help you out further.

Jun 21st 2016
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William J Acres (William_Acres)
#1 ranked lender in Arizona - 8,041 contributions

More info needed.. specifically, are you asking about using bank statements and the regular occurring deposits as substitution for income verification, or are you asking about using bank statement balances to show you have sufficient funds to pay the loan over time? There are options for both of these, but as I said,, more info needed. For "conforming" loan products, there is no way to use your regular occurring deposits into a bank account as proof of income.. All conforming loan products will require tax returns, W2's/1099's or K1's, as well as pay stubs and/or P&L statements if your self employed. There is no way around this.. But if you have a substantial cash or brokerage account, then there is a conforming loan product called "Depleted Assets" loan program, which will allow you to use the income from this large cash account as monthly income for qualifying purposes.. So, if you are looking for the bank statements in lieu of tax returns, then you would need to be talking to a hard money lender.. they are the only type of lenders who will allow this loan. expect higher interest rates and fees, as well as much larger down payment requirements, but there is a way to make this work.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com NMLS# 226347

Jun 22nd 2016
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Sara Deere (Saraloveshomeloans)
#39 ranked lender in Kansas - 511 contributions

There are lenders in MO starting to offer the program, but as stated in previous replies the interest rate in much higher. Have you considered FHA or a USDA loan program. If you have more questions, please contact me.

Jun 22nd 2016
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Bill Cook (loanpro)
#633 ranked lender in California - 43 contributions

I am an expert in this program and have access to 4 versions of it.able to lend in CA, FL or TX.We can use 100% of deposits on personal accts as long as the deposit is "work related"For business checking accounts, it varies on how much can be used.714-475-3567 or loanshoppers.netWilliam

Jan 10th 2017
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