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Niche Programs

Bank Statement program
If you are self employed and you cannot document your income with your last 2 years of tax returns because you take alot of write offs, it is possible to refinance or purchase a home by documenting your income with 24 months of personal bank statements. The maximum LTV is 90% on a purchase transaction for primary residence. For a refinance, you can go to 85%. You can do this with only a short 3 years after a foreclosure. If your business is a sole proprietorship, you can also use 24 months of business bank statements. It is also possible to document with a p&l statement and CPA letter stating that you have been in your line of work for at least 2 full years. The mortgage product for this loan is a 5/1 ARM and is in the mid 5%'s. You will need to have some reserves in the bank of at least 6 months reserves for your home and an additional 3 months for each other financed property that you own.

Stated Income
Stated income is available for those with a 700 or higher credit score. You must be self employed and qualifying is not possible with your tax returns because you have too many write offs for your business. In addition, reserves are required which vary, however 6 months is necessary for any owner occupied property plus an additional 3 months of PITI for any investment properties.

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