Updated over 2 years ago on . Most recent reply
Bank Statement Loans
Hello,
I'm looking to find a lender who does Bank Statement Loans with 5-10% down. Would like to purchase in MA. TIA!
Best,
James
Most Popular Reply
Investment mortgage you need 20% and good FICO. We use the last 3 6 12 or 24 months deposits depending on what you fit.
You have to be self employed. A big variety of programs exist.
Owner occupied SFR there are 10% down programs with 12 or 24 months.
Some programs take a haircut off the deposits for the type of business, number of employees, expense types, some ask for letter from CPA, some require an online website or storefront.... many variables
Do you own a home with a mortgage now? What will you do with that house?
Second home-- you mean in a vacation area? Where? It has to really look like a second home and you qualify with both your primary and this mortgage and your debts. Second home is tighter because you cannot use rents to offset...