The bank statement home loans in Houston, is ideal for prospective borrowers whose returns may have a high number of deductions, but whose business has lately become more profitable. This policy is designed for applicants who do not want to wait until the next year to file their taxes and want to take advantage of applying at that very moment.
While this is a portfolio loan scheme with no specific underwriting requirements for all borrowers, the scale and quality of deposits from month to month are critical factors to consider when reviewing qualifying alternatives.
Basic Requirements:
- Twelve months of bank account details whether personal or business, in a row.
- Typically, personal bank statements require a minimum deposit of $10,000 per month, while company bank statements require a minimum deposit of $20,000 per month.
- Evidence of two years of self-employment like a visa, DBA, Corporation, or some other legal record proving the registration of business.
- Non-permanent residents of the United States must be citizens, residents, or have a valid visa.
- For Primary Occupancy Residency Purchases, credit scores of 550 or higher are required.
Some Highlights of the Loan Program:
- Owner-occupants and investors in 1-4 units, townhouses, licenced condos, or PUDs may apply for purchase or refinance loans.
- Buying or refinancing single-family vacation homes.
- Lending up to 90% loan-to-value and 700+ credit scores is common. After the borrower’s appropriate donation, gift funds are permitted.
- Depending on the down payment and occupancy, seller contributions will be available.
- Sellers may use co-signers to help them apply for single-family homes.
- Loans ranging in value from $200,000 to $5,000,000, on a case-by-case basis, smaller loan amount.
Benefits of the Loan Program:
- Even with a 10% down payment, no mortgage insurance is needed.
- You can own a second home or an investment property.
- Increased loan limits.
For any further details, contact a professional and avail the bank statement home loans in Houston.
