Nationwide Mortgage & Realty, LLC
Tel: 844-953-0100 Email: info@nationwidemtg.net
Friday, March 24, 2023

Nationwide Mortgage & Realty, LLC

Fast Quote
  • Home
  • About Us
    • Career Opportunities
    • Contact Us
    • Meet the Team
  • Purchase
    • Conventional Mortgage
    • Condotel & Non-Warrantable
    • FHA Loan
    • FHA 203k
    • Fix & Flip
    • Investment
    • Jumbo Loans
    • New Construction
    • Non-QM Loans
    • USDA Loans
    • VA Purchase Loan
  • Refinance
    • Cash Out & Debt Consolidation
    • Conventional Refinance
    • Condotel & Non-Warrantable
    • FHA 203k
    • FHA Streamline Refinance
    • Investment
    • Non-QM Loans
    • Reverse Mortgage
    • VA IRRRL (Streamline)
  • Loan Process
    • Application Checklist
    • Credit Repair
    • Home Buying Do’s and Don’ts
    • Interest Rates
    • Mortgage Calculator
  • Mortgage Blogs
  • Request Information
    • Apply Now
No Result
View All Result
Contact Info | Request Info
Home Purchase

3 Month Bank Statement Mortgage for Self-Employed Borrowers

byNicholas Auriemma, NMLS# 1455001
1 year ago
inPurchase, Refinance
3 Month Bank Statement Mortgage for Self-Employed Borrowers

3 Month Bank Statement Mortgage for Self-Employed Borrowers

Are you looking for a 3 month bank statement mortgage? Qualifying for traditional loans can be a hurdle for the self-employed because underwriters start by calculating income based off taxable income. Eligible mortgage options include:

  • Purchases.
  • Cash out refinances.
  • Rate and term refinances.

The 3 month bank statement loan helps eligible self-employed borrowers qualify without tax returns – income is calculated based off of bank statement deposits.

Calculating Income for 3 Month Bank Statement Loan

Income for a traditional loan is calculated by an underwriter, which they often use Form 1084, Cash Flow Analysis, for self-employed income. If applicable, business tax returns are going to play a factor when calculating income on top of personal tax returns.

For the 3 month bank statement mortgage, all eligible deposits for each month are added up. Once the deposits are added, the business bank statements require a 50% deduction for business expenses unless a CPA letter states the percent of expenses.

Advantages for 3 Month Bank Statement Mortgages

  • Less paperwork.
  • May be able to show more income only using 3 months.
  • More lenient on sourcing deposits than the 12 and 24 month bank statement loan.

Advantages to the 12 and 24 Month Bank Statement Loan

  • Lower down payment options.
  • Allowed to cash out up to a higher loan-to-value.
  • Lower credit score requirements.
  • Usually better terms than the 3 month bank statement mortgage.

Personal and Business Account’s Bank Statements

The 3 month bank statement mortgage allows:

  • 75% loan-to-value on purchases.
  • 70% loan-to-value on refinances.
  • Starting at 675 credit scores.

Before calculating income for the 3 month bank statement loan, it is important to go over other options before choosing this loan program. Alternative options may be a better option when it comes to terms of the mortgage.

Other Alternative Income Loans

  • Debt-service coverage and no ratio mortgage for investment properties.
  • FHA streamline refinance.
  • Fix and flip and new construction loans for investment properties.
  • No doc mortgage for all occupancy types.
  • VA streamline refinance.
ShareTweetShare
Previous Post

Is there Still a No Doc Mortgage in 2022?

Next Post

Cash Out Condotel Refinance Loan, Rate & Term, & Purchase

Nicholas Auriemma, NMLS# 1455001

Nicholas Auriemma, NMLS# 1455001

Nicholas Auriemma is a Loan Originator at Nationwide Mortgage & Realty, LLC, providing information on mortgages that can often be confusing even to real estate and mortgage professionals. Borrowers can be discouraged because mortgage professionals can be mistaken due to guidelines always changing, the extent of guidelines, their company having an overlay (stricter guideline), or other lenders not offering a loan program. Call or text Nick anytime at 630-779-8430 or email at nick@nationwidemtg.net.

Related Posts

No Income Investment DSCR Cash Out Refinance

No Income Investment DSCR Cash Out Refinance

May 26, 2022
15 to 30 Year VA Cash Out Loan Up To 100% LTV

15 to 30 Year VA Cash Out Loan Up To 100% LTV

May 24, 2022

Categories

Get Pre-Approved

Start by applying to get pre-approved today.

Recent Posts

No Income Investment DSCR Cash Out Refinance

15 to 30 Year VA Cash Out Loan Up To 100% LTV

Cash Out Condotel Refinance Loan, Rate & Term, & Purchase

3 Month Bank Statement Mortgage for Self-Employed Borrowers

Is there Still a No Doc Mortgage in 2022?

Low Down Payment Jumbo Loans with No Mortgage Insurance

Request Information | Apply Now

Corporate Address:
1 TransAm Plaza Drive Suite 300
Oakbrook Terrace, IL 60181
Phone: (844) 953-0100
Fax: (630) 953-0101
Email: Info@nationwidemtg.net

Copyright 2021 © Nationwide Mortgage & Realty, LLC
Company NMLS Unique Identifier #276777.
For licensing information, go to:
www.nmlsconsumeraccess.org.
Privacy Policy | Terms of Use

Equal Housing Lender

Restrictions may apply. All loans are subject to credit, underwriting and property approval guidelines. Nationwide Mortgage & Realty, LLC is not acting on behalf of or at the direction of HUD/FHA or any government agency. CO: Check license status of your mortgage loan originator at www.dora.state.co.us/real-estate/index.htm. Also licensed in: CA, FL, IN, TN, VA, WI and TX: NMLS ID 276777. Illinois Residential Mortgage License | MB. 6760210. WA: Consumer Loan License MB-276777. GA: Georgia Residential Mortgage Licensee 60857

  • Home
  • Request Information
    • Apply Now
  • About Us
    • Career Opportunities
    • Contact Us
    • Meet the Team
  • Purchase
    • Conventional Loan
    • Condotel & Non-Warrantable
    • FHA Loan
    • FHA 203k
    • Fix & Flip
    • Investment
    • Jumbo & High Balance
    • New Construction
    • Non-QM Loans
    • USDA Loan
    • VA Purchase Loan
  • Refinance
    • Cash Out & Debt Consolidation
    • Conventional Refinance
    • Condotel & Non-Warrantable
    • FHA 203k
    • FHA Streamline Refinance
    • Investment
    • Non-QM Loans
    • Reverse Mortgage
    • VA IRRRL
  • Loan Process
    • Application Checklist
    • Credit Report
    • Home Buying Do’s and Don’ts
    • Interest Rates
    • Mortgage Calculator
  • Mortgage Blogs
No Result
View All Result

Request Information | Apply Now
Phone
: (844) 953-0100
Email:
info@nationwidemtg.net
Nationwide Mortgage & Realty, LLC
​1 TransAm Plaza Drive Suite 300
​Oakbrook Terrace, IL 60181
NMLS # 276777
Privacy Policy

Call Now Button