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Suppose it’s finally time for you to consider purchasing a home in California, Colorado, or Nevada, but you don’t have typical loan documentation for approval (such as W-2s and tax returns). What kind of options are out there? If you have good credit but simply don’t have the same documents as traditional fixed-rate buyers, keep reading for more information on how a bank statement loan could be a perfect fit for your next home purchase.
Bank Statement loans are commonly referred to as “alternative documentation loans” or “self-employed mortgages.” Mortgage lenders like us can issue bank statement loans to applicants based on their personal bank statements' overall status and health, rather than traditional methods like tax returns or employer verification. Instead of W-2s and pay stubs, bank statement loans look at personal bank accounts or personal/business bank accounts to verify cash flow and income.
These types of loans might have more challenging requirements for approval since lenders are taking on additional risks without income/tax documentation. This means you should anticipate the potential for a higher interest rate or larger down payment compared to more standard loan options.
Maggie and the team here at Greenfront always walk our clients through any and all available loan options before pushing forward with a final decision, so don’t hesitate to reach out today to
schedule a consultation.
We look for various indicators within your bank statements to give us confidence that you can reasonably afford a home purchase. Every applicant is different, but the general items we’ll be looking for are:
Depending on the status of the items listed above, you may want to consider applying for a Bank Statement Loan with our team. If you work for yourself, a bank statement loan might be the perfect option for you to finance your next home purchase in Lake Tahoe or the surrounding areas in CA, NV, or CO.
We can guide you through the process, advise on best practices, and make sure you secure the best possible loan for your financial situation and needs. Get started on your quick and easy
Greenfront Mortage evaluation process here.
We are committed to helping you reach your goals.
We are committed to helping you reach your goals.
Maggie Levin 120 McFaul Way Zephyr Cove, NV 89448
NMLS #1762959
Maggie Levin | All Rights Reserved.