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Bank statement ONLY mortgages

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Times
New Contributor

Bank statement ONLY mortgages

So, I was wondering if anyone here has experience with bank statement ONLY mortgages?

I know the rates are higher than normal, but still seems like the option I'll have to do. 

Please share any businesses/banks you know offer this and even better if you have any kind of experience with applying or getting approved

Thank you

Credit score: 785~ | Goal: 800~

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2 REPLIES 2
TryItAgain
Regular Contributor

Re: Bank statement ONLY mortgages


@Times wrote:

So, I was wondering if anyone here has experience with bank statement ONLY mortgages?

I know the rates are higher than normal, but still seems like the option I'll have to do. 

Please share any businesses/banks you know offer this and even better if you have any kind of experience with applying or getting approved

Thank you


I'm scheduled to close my bank statement mortgage with lender NASB later this month on a new build, 10% down. I own an LLC and used nothing but 12 months business bank statements and my personal credit scores (800 mid). Everything has gone smoothly so far, I was even able to lock the rate with them around 6%, this when regular mortgages were roughly .75-1% lower, so it does cost a little more. YMMV

 

Initially some of the bank statement loan banks started hiking their rates and some stopped doing them.  I had decent lender early on since this new build was purchased in March, but they started hiking rates well beyond the FOMC hikes so I looked elsewhere.  I did find several programs available, with wildly varying terms, along with many of the banks pausing their BSL programs for now. I ended up choosing NASB, I also like how they keep BSL's in house and don't sell them.

 

Happy Hunting!

(Ch7 Discharged 12/12) AvgScore 807

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Message 2 of 3
MortgageMama
Regular Contributor

Re: Bank statement ONLY mortgages

It would be very helpful if you could outline your scenario. You will receive much better answers. If you are self-employed, for how long and how many months of bank statements are available to use (12-24). Are the statements personal or business? Some lenders will take personal or business, but generally not a combination of the two.

The Federal Savings Bank / Member FDIC / Equal Housing Lender / Lending in all 50 States / 25 Years in the Mortgage Industry
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