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| Name | Bank Statement Loans: What They Are and How They Work |
| Video Uploader | Video From Loan With Jen |
| Upload Date | This Video Uploaded At 24-05-2023 21:41:59 |
| Video Discription | Bank Statement Loans can be a viable solution for some buyers that are self employed. We've received numerous inquiries about this popular trend, so we brought in a special guest, Kara Eba, who is no stranger to the mortgage industry. Kara has been actively involved since the early 2000s, during the era of subprime lending when certain criteria were overlooked. Today, Kara works for Non-QM, specifically in the realm of bank statement loans. So, what exactly is a non-QM loan? The term stands for non-qualified mortgage, and it caters to borrowers who don't fit the conventional criteria. While most borrowers meet the standard requirements, there are unique cases that fall outside the box. Non-QM loans are manually underwritten, making them ideal for self-employed individuals who often deduct expenses, resulting in lower reported income on tax returns compared to their actual earnings. Non-QM lenders, like the one Kara represents, specialize in serving these specific borrowers. Bank statement loans, in particular, are a popular non-QM product. They primarily benefit self-employed individuals who have been in business for at least two years. Conventional loans usually rely on tax returns, but bank statement loans consider the borrower's actual income reflected in their bank statements. Verifying two years of self-employment can be done through various means, such as providing a CPA letter, a DBA certificate, or confirming business existence through relevant sources like the Secretary of State or BizPedia. For bank statement loans, borrowers can choose between two options: 12-month or 24-month bank statements, whether personal or business accounts. While 24 months is the standard, the program can be adjusted based on the borrower's income trends. Calculating income for bank statement loans involves reviewing deposits and applying a default expense ratio, usually 50%, though exceptions can be made depending on the occupation. To determine the expense ratio, a CPA letter or a tax preparer's documentation is typically required. Credit scores play a significant role in bank statement loans. With a credit score of 720 or higher, borrowers can qualify for up to 90% financing without the need for mortgage insurance. However, even with a credit score as low as 660, borrowers may still be eligible for the program with a down payment of 25%. Interest rates for bank statement loans may be slightly higher than conventional loans, but the specific rate depends on various factors, including credit score and the chosen bank statement program. Bank statement loans offer immense buying power, allowing borrowers to qualify for larger loan amounts based on their actual income. This program opens doors for self-employed individuals who have been turned away by traditional lenders due to their write-offs and deductions, which are characteristic of smart business owners. Additionally, there are options for 1099 income, requiring one or two years of documentation, making the program even more flexible. It's important to note that not all lenders offer bank statement loans. Collaborating with a local lender, like Legacy Mutual Mortgage, with a partnership like Angel Oak, ensures access to these specialized programs. By working with an experienced lender, borrowers can explore the possibilities and get prequalified to understand their purchasing power. For more information and helpful resources, check out the description and show notes below. Thank you for joining us today, and a special thanks to Kara Eba for sharing her expertise. #loanwithjen #bankstatementloans #texasrealestate 👉TikTok: @loanwithjen 👉Instagram: @loanwithjen 👉Facebook: https://www.facebook.com/loanwithjen Jennifer Hughes Hernandez, Legacy Mutual Mortgage - Equal Housing Opportunity Lender NMLS #514497 💻 Documents Needed to Get Pre-Approved Texas: http://checklist.loanwithjen.com/ 💻 Loan With Jen | Do Business With Us!: http://apply.loanwithjen.com/ 💻 Visit My Website - Mortgage Lender Houston | Loan With Jen Education - https://www.loanwithjen.com/ 📌More Helpful Content: ▶️The Myths and Truths About Credit Inquiries: https://youtu.be/d_RQJnTsVPE ▶️Why You Should Use A Local Lender: https://www.youtube.com/watch?v=shkijZmEonA ▶️How to Buy A House With Low Income: https://www.youtube.com/watch?v=OcyjWe0snWU ▶️Using Rental Income To Qualify For A Mortgage: https://www.youtube.com/watch?v=kv0eXzl1YUo |
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