Bank Statement Loans San Clemente
Bank Statement Loans Services
You get complete autonomy of your time and you can lounge in your pajamas all day if you want to. All these perks and more come with the territory of being self-employed.
However, here’s what you might have heard:
Running your own hustle — whether as an entrepreneur, a realtor, or a cog in the gig economy — is great and all but one of the downsides to it is the difficulty in securing financing. You don’t have basic requirements such as financial statements and tax returns to successfully apply for one.
But what if we tell you that there is a way for you to secure a home loan without these things? See, as more and more of the population become their own bosses, leniency has been granted to home financing applications for self-employed people like you. One such proof of this is a Bank Statement Loan.
What are Bank Statement Loans?
Bank Statement Loans are alternative options for those who cannot apply for traditional ones.
Typically, applying for a traditional loan requires you to submit documents that verify your income. These come in the form of pay stubs, W2s, and tax returns. However, as someone who is self-employed, it can be difficult (if not impossible) to secure these.
This is where Bank Statement Loans are helpful.
It allows you to submit alternative forms of income documentation to prove your ability to pay off the loan. Of course, as the name may have hinted, these alternative forms of documentation are in the form of bank statements.
These bank statements can range from as little as 12 months to show your net income. The amount of regular deposits to your bank account helps your lender gain more confidence in your ability to pay your mortgage. However, this number may vary based on the preference of your chosen private lending company.
The benefits of applying for Bank Statement Loans Orange County
There are multiple advantages to applying for a Bank Statement Loan versus a traditional one. Not only is it a type of mortgage made specifically for self-employed people like you, but you can also enjoy the following benefits too:
- You don’t need tax returns
As someone who is self-employed, this requirement can discourage you from applying for home financing altogether. However, with Bank Statement Loans, you can bypass this requirement and show other forms of income verification instead.
- You can provide as little as 12 months worth of bank statements
With as little as a year’s worth of bank statements, you can secure funding for your dream home.
If you are an entrepreneur, you also have the option of submitting two years’ worth of business statements.
Note: you can submit bank statements from more than one bank. However, you cannot submit both business and personal bank statements. You can get around this by simply depositing money from your business account to your personal one.
- You can be granted as little as a 10% down payment requirement
If the lender sees that you have the capacity to repay your mortgage, they may grant you a deal that requires only a 10% down payment for the value of your property.
- You can ask for financing for properties valued up to $5 million
The minimum loan application is $100,000, but you can also borrow up to 5 million if you qualify.
What makes you eligible for Bank Statement Loans Southern California
Is this financing option what you’ve been looking for all along? To get approval for Bank Statement Loan applications, you need to meet the following qualifications:
- You should have worked or owned your business for at least 2 years
- You should be able to pay a minimum of 10% downpayment for the value of the property you want to own
- You should have a PITI reserve equivalent to 4 months if your loan does not exceed $1 million. If it does, then you should have a reserve of up to 6 months.
- You should have a minimum of 620 credit score
- You must apply for at least a $100,000 loan to be approved
Your debt to income ratio should not exceed 55%
Applying for Bank Statement Loans with Golden Coast Loans
If your hustle has finally paid off and you have been thinking about finally getting that dream home that you’ve always wanted, then you’ve come to the right place. Here at Golden Coast Loans, we offer a great alternative to traditional loans.
With Bank Statement Loans you no longer have to worry about supplying tax returns, pay stubs, and W2s. We’ll be able to process your request with just your bank statements. To get started, simply submit a year up to 2 years worth of your bank statements, either of your personal account or your business account. Our financial consultants will review your application and get back to you right away.