Bank Statement Loan
To better serve self-employed borrowers, FMNI offers Bank Statement Loans – allowing qualified borrowers to provide their personal or business bank statements, instead of income docs or tax transcripts, to qualify for a loan.
• 30-Year Fixed
• Purchase, rate & term and cash-out refinance -1-4 units
o Maximum cash-out proceeds = $500,000
• Primary, second home, and investment properties
o Second home only available in 1 unit
o First-time homebuyers are not permitted on investment properties
• Max loan amount = $3,000,000
o Second appraisal required for loan amounts greater than $1,500,000
• Max LTV = 90%
• Min FICO = 620
• Max DTI = 50%
• Minimum 12 months' consecutive bank statements required
• At least one borrower must utilize bank statements for qualification
• Maximum property size = 20 acres
• Temporary rate buydowns are not permitted
• Manufactured homes are not permitted
• Appraisal waivers are not permitted
• Mortgage payment history: one 30-day late allowed in the last 12 months
RESERVE REQUIREMENTS
• Primary transaction loan amounts less than or equal to $1,500,000 require minimum 6 months' reserves
• Primary transaction loan amounts greater than $1,500,000 require minimum 12 months' reserves
• Second home/investment transactions require a minimum of 12 months of reserves
• Borrowers with multiple financed properties require the greater of 9 months' reserves or the standard reserve requirement plus an additional 2 months' reserves, for each financed property
o Maximum of 10 financed properties
o 2 months' additional reserves are based on the principal, interest, taxes, homeowners insurance, and HOA fees (if applicable) of other financed properties
o Requirement waived for borrowers who have a minimum of 12 months reserves on a primary residence
NOTE: Cash-out proceeds may not be used as reserves.
• 30-Year Fixed
• Purchase, rate & term and cash-out refinance -1-4 units
o Maximum cash-out proceeds for loans over 60% LTV = $750,000
o No cash-out cap when LTV is less than or equal to 60%
• Primary, second home, and investment properties
o Second home only available in 1 unit
• Max loan amount = $3,000,000
o Minimum loan amount = $150,000
o Second appraisal required for loan amounts greater than $1,500,000
• Max LTV = 90%
o Max LTV reduction of 5% is required when the subject property is in a declining market
o Max LTV on 2-4 units = 85%
• Min FICO = 660
• Max DTI = 55%
o Residual income requirements for DTI greater than 43%
• Minimum 12 months' consecutive bank statements required
• At least one borrower must utilize bank statements for qualification
• Maximum property size = 20 acres – additional restrictions for rural properties
• Manufactured homes are not permitted
• Non-Occupying Co-Borrowers and Non-Permanent Resident Aliens are not permitted
• Appraisal waivers are not permitted
• Not available in West Virginia or for Texas 50(a)(6)
• Mortgage payment history: one 30-day late allowed in the last 12 months
RESERVE REQUIREMENTS
• Minimum 6 months' reserves required for loan amounts up to $1,000,000
• Minimum 9 months' reserves required for loan amounts between $1,000,001-$2,000,000
• Minimum 12 months' reserves required for loan amounts between $2,000,001 -$3,000,000
• Borrowers with multiple financed properties require a standard reserve amount plus an additional 2 months of reserves for each financed property
o Maximum of 20 financed properties
o 2 months' additional reserves are based on the principal, interest, taxes, homeowners insurance, and HOA fees (if applicable) of the other financed properties
NOTE: Cash-out proceeds may be used as reserves.
PARAMETERS
• 30-Year Fixed
• Purchase, rate & term and cash-out refinance -1-4 units
o Maximum cash-out proceeds for loans over 60% LTV = $500,000
o No cash-out cap when LTV is less than or equal to 60%
• Primary, second home, and investment properties
o Second home only available in 1 unit
• Max loan amount = $3,000,000
o Second appraisal required for loan amounts greater than $1,500,000
• Max LTV = 85%
• Min FICO = 660
• Max DTI = 50%
• Minimum 12 months' consecutive bank statements required
• At least one borrower must utilize bank statements for qualification
• First-time homebuyers are not permitted on investment properties
• Non-Occupying Co-Borrowers are not permitted
• Maximum property size = 10 acres
• Rural property restrictions and LLPA applied
• Temporary rate buydowns are not permitted
• Manufactured homes are not permitted
• Additional restrictions apply for rural properties and Non-Permanent Resident Aliens
• Appraisal waivers are not permitted
• Not available in West Virginia or for Texas 50(a)(6)
• Mortgage payment history: one 30-day late allowed in the past 12 months
RESERVE REQUIREMENTS
• Minimum 6 months' reserves required for loan amounts less than or equal to $1,000,000
• Minimum 9 months' reserves required for loan amounts between $1,000,001-$1,500,000
• Minimum 12 months' reserves required for loan amounts greater than $1,500,000
• Borrowers with multiple financed properties require a standard reserve amount above plus an additional 2 months of reserves for each financed property
o Maximum of 20 financed properties
o 2 months' additional reserves are based on the principal, interest, taxes, homeowners insurance, and HOA fees (if applicable) of the other financed properties
NOTE: Cash-out proceeds may be used as reserves.
PARAMETERS
• 30-Year Fixed
• Purchase, rate & term and cash-out refinance -1-4 units
o Maximum cash-out for 1 unit = $350,000
o Maximum cash-out for 2-4 units = $150,000
• Primary, second home, and investment properties
o Second home only available in 1 unit
• Max loan amount = $2,000,000
o Second appraisal required for loan amounts greater than $1,500,000
• Max LTV = 80%
o Max LTV reduction of 10% is required when the subject property is in a declining market
• Min FICO = 660
• Max DTI = 50%
• Minimum 12 months' consecutive bank statements required
• At least one borrower must utilize bank statements for qualification
• Trending and stability analysis required for bank statement cash flow
• Residual income requirements
• First-time homebuyers are not permitted
• Non-Occupying Co-Borrowers and Non-Permanent Resident Aliens are not permitted
• Maximum property size = 10 acres – agricultural zoning ineligible
• Temporary rate buydowns are not permitted
• Manufactured homes are not permitted
• Appraisal waivers are not permitted
• Gift funds are not permitted
• Business assets are not permitted
• Mortgage payment history: no 30-day lates allowed in the last 12 months
RESERVE REQUIREMENTS
• Minimum 12 months' reserves required for primary residence
• Minimum 15 months' reserves required for seconds homes
• Minimum 18 months' reserves required for investment properties
• Additional 6 months' reserves required for each financed property
o Maximum of 4 financed properties
o 6 months' additional reserves are based on the principal, interest, taxes, homeowners insurance, and HOA fees (if applicable) of the other financed properties
NOTE: Cash-out proceeds may not be used as reserves.
PRODUCT COMPARISON
| Bank Statement | Max DTI | Minimum Reseerves | Minimum Credit | Maximum LTV | Mini Loan Amount | Max Loan Amount |
|---|---|---|---|---|---|---|
| Program A | 50% | 6 Months | 620 | 90% | N/A | $3 Million |
| Program B | 50% | 6 Months | 660 | 80% | N/A | $3 Million |
| Program C | 55% | 6 Months | 660 | 90% | $150,000 | $3 Million |
| Program D | 50% | 12 Months | 660 | 80% | $250,000 | $2 Million |
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Disclaimer: This is an offer to receive more information, this is not a commitment to lend. Not all applicants will qualify automatically. For Loan Approval, additional information and documentation is needed, including but not limited to, satisfactory verification of income and assets, plus additional documentation to support creditworthiness. Some Private Investor's decisions will be great potential to get a loan or sell in any condition. This is an advertisement. The information on this site is general and your situation may vary.
20년 이상 고객의 편에서 정직하고 명쾌한 융자로 고객의 재산 보호와 증식에 앞장선 김명선 융자팀에서 이민 생활에 큰재산증식과 재도약의 기회를 잡으셔요~
Future Mortgage and Investment LLC
(그명성 그대로, 김명선 융자팀)
NMLS # 1911938
1110 Satellite Blvd Ste 302 Suwanee, GA 30024
770-242- 3413 (Text First and Call), 770-67 9-8595 (Fax)
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