Bank Statement Loans

[James E Fraley Jr]

Pros and Cons with this type of financing for investment cash out refi

[Erik Estrada]

Quote from @James E Fraley Jr:

Pros and Cons with this type of financing for investment cash out refi

So a bank statement loan looks at an average of 12-months of your monthly deposits to your account, and uses that figure as your monthly income to qualify. Typically it is for business owners that do too many tax write offs and have issues with their DTI to qualify.

You might be better off doing a DSCR loan instead. This program qualifies you based on the cashflow generated from the property instead. No DTI, tax-returns, or bank statements required. Rates are similar to bank statement.