As the home buying season heats up, it’s important for potential buyers to know what options are available to them. In particular, buyers who are self-employed or have income streams that are not traditionally documented may feel frustrated by the loan process. That’s where the Bank Statement Program comes in.
This program offers a range of benefits, including up to 55% debt-to-income (DTI) ratio and up to 90% loan-to-value (LTV) ratio. But what sets this program apart is the quick income analysis, which can be completed in a matter of hours rather than days or even weeks.
The Bank Statement Program also offers flexibility in terms of acceptable documentation. Buyers can use either personal or business bank statements, and the program is available for primary homes, second homes, and investment properties. With a minimum FICO score of 640, even first time home buyers are eligible, and gift funds are allowed for down payment and closing costs.
One unique feature of this program is that cash-out can be used as reserves, providing greater liquidity for investors who may be holding multiple properties. Loan amounts range from $150,000 to $3,000,000, with terms up to 40 years and interest-only options available.
For those who may have experienced financial difficulty in the past, the Bank Statement Program offers a seasoning period of just one year for Chapter 7 bankruptcy and one day for Chapter 13 bankruptcy. Reserves ranging from 3 to 12 months are required, but overall the program offers a lot of flexibility for those who may not fit into the traditional loan mold.
At Blink Lending, we understand that every buyer’s situation is unique, and we’re committed to helping buyers find the loan option that’s right for them. Applying online is easy, and we’re always available to discuss options and answer any questions. Don’t let limited documentation stand in the way of your home buying dreams – explore the Bank Statement Program today.
