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Can I Buy A Home Using an Alt-A Bank Statement Program?

December 29, 2014

Are you self-employed and write everything off or if you are self-employed and pay yourself at random?  Or are you a W2 wage earner and write off 2106 expenses?  If so, your debt to income ratio may be too high for standard financing.  There are Alt-A bank statement and financial statement programs available.

PMC Alta-A 12 mths Bank Statement Loans 2015_1PMC Alta-A 12 mths Bank Statement Loans 2015_2PMC Alta-A 12 mths Bank Statement Loans 2015_3

To qualify, the deposits are added up and then divided by 12 months.  If you are using a personal bank statement, then the lender will allow us to use 100% of your income.  If you are using a business bank statement then only 50% of the deposits will be used.  This is not a regular conforming Fannie Mae or Freddie Mac loan.  This is a Non-QM loan product.  That means the interest rate is going to be higher than a conforming loan but less than a hard money loan.  Tax returns are not required to be submitted.  Normally a YTD profit and loss signed by the borrower will be required to show that the income is consistent and not declining. If self-employed, lenders usually require 2 years business licenses, active licensed CPA letter if self-employed.  The lender may require the business be listed online and if not a business card to validate the business. Some people are paid as an independent contractor (1099), but are not owners of a business. Exceptions may be made for the listing or business card guideline.  A 4506T form will be required for the file at the final signing, but will no be used for the basis of the approval.

PMC offers free credit enhancement prior to submitting your loan to the bank to ensure you get the best rate possible.  Even 20 points could be .25% better in rate, which equals thousands of dollars on the life of a mortgage loan.  If you have a loan scenario email us at – PMC Can Help!

If you have a loan scenario email us at

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