Bank statement mortgage lenders provide alternative financing options for conventional mortgage applicants who can’t provide income with traditional Fannie Mae and Freddie mac income calculations. Bank statement mortgage lenders allow the borrower to use all income after the lender deducts the bare-bone minimum business expenses needed to keep the business operating are deducted.
What Are the Benefits of a Bank Statement Mortgage?
The opportunity to secure a mortgage with bank statements offers a major advantage to self-employed individuals and business owners who have been excluded from home loans previously. In addition to offering an alternative income verification method, there are several other noteworthy benefits of bank statement mortgages in Florida:
- Minimum 350 Credit score for Bad Credit Florida No Tax Return Mortgage Lenders.
- Average 12 or 24 months’ worth of bank statements and add w2 or rental income to help qualify.
- You may be able to put as little as 10% down.
- Cash-out refinances for up to 85% of the home’s value.
- Loan amounts up to $5 million.
How Hard Is It To Get a Bank Statement Loan in Florida?
Bank statement Florida mortgage lenders offer self-employed Florida mortgages the chance to mortgage a Florida home loan when they might not qualify for the other types of Florida home loans. Our team has worked hard to streamline the lending process by allowing borrowers to have their income pre-underwritten before searching for Florida real estate. Contact Us Today to get pre-approved for a bank statement mortgage.