Free email newsletter about financial investing truth bombs from Brian Decker
Find out how self employed borrowers in Boise, ID are qualifying for home loans
Good news! You can still be eligible for a mortgage loan despite declaring negative income on your federal income taxes. At Modern Lending, we offer a 12-month bank statement loan program that does not require any federal income tax returns for verification. Instead, to verify your income, we factor in all the deposit amounts accumulated in your bank statements over the last year. Our Bank Statement Loan program has no maximum loan limit and it does not require Private Mortgage Insurance (PMI). Borrowers can apply for a loan amount from $250,000 and up to $10,000,000. However, a downpayment of 10-20% is required to qualify and the down payment amount and mortgage rate are based on your credit score.
The Bank Statement Loan Process
Self-employed borrowers are only required to provide the following documents:
Benefits of applying for a Bank Statement Loan include:
Watch this short video now to find learn more about how Bank Statement Loans work and see why Modern Lending is closing 5 times more loans for self-employed homeowners in Boise, ID.
Bank Statement Loans in Boise can be used to purchase the following properties:
Scenario examples of potential borrowers in Boise
Scenario # 1: A husband or wife is self-employed and their spouse is a w2 employee
Scenario #2 Both borrowers are self-employed for at least two years in separate businesses
Lending Guidelines On Bank Statement Mortgage Loan Program
Mortgage rates change every day, and your rate will vary based on your location, finances, and other factors. Get your FREE customized rate comparison below: