Offering reasonable qualifications based on your bank statements.
MEP RI offers this program as a new and innovative financing solution for self-employed borrowers. With our bank statement loan, you won’t need to provide certain financial documents typically required for mortgage approval. Instead, your bank statements can be used to prove income. This is incredibly helpful to individuals who don’t receive traditional paychecks or claim significant tax deductions—basically, created for self-employed borrowers to make it easier for them to purchase or refinance a home. Bank Statements loans are an excellent option for credit-worthy self-employed homebuyers.
Product highlights include:
- 12 or 24-months business bank statements (must own at least 50% of the business).
- 12 or 24 months personal bank statements (must own at least 25% of the business).
- Minimum FICO scores vary
- Owner-occupied, Investment properties and second homes allowed
- W-2 co-borrower is allowed
- W-2 co-borrower income and employment traditionally verified
- Up to 80% LTV, No MI
- Assets must be fully documented
- 15 & 30-year fixed, and ARM options available
- Loan amount from $100,000 to $3,000,000
- Gift Funds and Gift Equity allowed
- No ownership seasoning requirement for cash-out refinance
Small business owners, entrepreneurs, freelancers, and gig workers are often the best candidates for this type of loan. Full-time real estate investors can also use this program based on revenue from their portfolios. A bank statement loan could be an excellent option if you have tried for a conventional loan and were told you did not qualify.