Loan Programs

Bank Statement Mortgage Loan – Now Available! Mortgage Solutions for Self-Employed Borrowers.

Texas Premier Mortgages Bank Statement mortgage program is the perfect option for any self-employed borrowers who do not have the tax documents to prove their ability to pay. We can offer up to 90% of your purchase price with 740 credit on personal and business bank statements. (minimum loan amount offered $150,000)

What is a Bank Statement Loan?
A Bank Statement loan is a home loan program designed for self-employed/ business owners. For qualification purposes, the lender uses the deposits made into the business owner’s account as the source of income for qualification purposes, instead of using the applicant’s tax returns.

What is the difference between a Bank Statement loan and a traditional loan program?

The primary difference between these loan types is that the applicant qualifies based on the deposit income in the bank statements, rather than the applicant’s tax returns.

How long must a borrower be in business to qualify for a Bank Statement Loan?

At least 24 months old to qualify for a Bank Statement Loan.

Can a borrower use PERSONAL bank statements on a Bank Statement Loan? 

If their ordinary business income is deposited into a personal account, applicants can use personal bank statements. Keep in mind, that this may potentially complicate the approval process if they share this account with another person, such as a spouse who has a job. If they are a 1099 wage-earner and depositing their income into a personal account, we suggest using our 1099 income program.

Can a borrower who owns a 50% share in a business do a Bank Statement Loan?

Yes, but unless the business partner is also qualifying for the same home loan with you, then it would reduce the amount of income by their percentage, which could in turn significantly reduce the amount of house they can afford. For instance, by owning 50% of the business, then the borrower can only use 50% of the income from the bank statement income analysis.

Can Co-signers be added to the borrower’s application?

No. Co-signers and applicants who are not occupying the new home are not allowed on a Bank Statement Loan Program.

Can borrowers get a Bank Statement Loan if they have had a Foreclosure, Bankruptcy, or Short Sale?

YES, as long as the bankruptcy, foreclosure, or short sale is completed at least 1 month ago or longer. Depending on the length of time after the certificate of title date, it may affect the minimum down payment on a home.

• No tax returns required
• 12 month personal bank statements
• 12 month business bank statements
• Up to 90% LTV on Personal and Business with no MI (740 credit is required under the current market conditions)
• Owner-occupied
• Seller concessions allowed
• 2 year self-employed required

We have a variety of loan options with the most advanced programs on the market. Which Bank Statement Option works best for you?

As rates continue to fluctuate we will review your specific scenario to determine the eligibility based on your credit score, down payment, reserves, and loan size. The chart below is a basic overview of the products offered and does not guarantee loan approval.