Bank statement loans
People who have a proper seasonal income or are self-employed borrowers can effectively qualify for getting a bank loan statement program. In addition, availing of this bank statement loan offers you the ability to verify income without any specific tax returns. Each of these programs is utilized by a wide variety of self-employed individuals, freelancers, contractors, and business owners. Currently, bank statement home loans in Houston are widely being used and offer extreme value.
What do bank statements loans offer?
Every bank statement lender tends to offer programs with the below-listed advantages:
- Low credit scores of about 500
- Loans available to an amount of $5000000
- 59% high rate for DTI ratios
- LTV rates as high as 90%
- Business bank or personal checking account
These are a few limitations, but the actual value tends to differ from one person to another based on the lender’s need.
Features and Benefits
- Fixed rate of interest starting with lows
- Valued for interest only option, year fixed term for the interest of year period
- Completely free 60-day free rate lock for two-week extensions of bank statements and home loans in Texas
- Refinancing mortgage rates and cash out to up to 85% of property values
- Best in the market refinance rates with a 4% low range
Frequently asked questions
What is the minimum rate score for credits?
The minimum amount tends to vary from one lender to another. Each lender has a set of differentiated scores and values that might reach as low as 500.
How much is required for the minimum down payment value?
This also depends on the lender. Several bank statement lenders tend to allow a down payment of a 10% rate. The higher the credit score value, the lower the down payment rate you will qualify for. The loan amount can also influence the minimum down payment rate to a certain rate.
Which properties can be purchased through this program?
Among all the lenders who offer this program type, nearly all are home eligible. This tends to include single-family-based residences, condos, non-warrant ops, and townhomes. Bank statement loans can also be used for different types of investment properties and financing second homes.