Preferred Wholesale Lender Ann
Preferred Wholesale LenderForum Replies Created
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Hi there, you need to be self-employed to qualify for a bank statement program. You can either own a business entity; or you can be a sole proprietor. You can’t be a W2 employee. In some cases, you can’t be a 1099, but in some others you can, to do a bank statement loan. Why would you want to do a bank statement loan if you have 1099’s? Especially if you only have one 1099 gig? If you have several 1099 gigs and maybe sometimes you get paid 1099’s and sometimes you get paid with Zelle, etc., you would want a bank statement loan. I hope this helps. If you have any more questions, let me know.
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If you are able to get a condo cert, send it to me? If it doesn’t mention the violations and there is no litigation, we may be able to help here at Acra Lending.
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Acra Lending does up to 20 Acres, more on an exception.
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Can you explain the guidelines such as the minimum credit score requirements. Answer: We can go down to 575 at a 65 LTV. The higher the fico, the higher the LTV.
How you guys come up with qualified income on business and personal bank statements: Answer: Monthly deposits are added. You need to back out transfers. On personal bs, you can count the deposit 100% usually, and business bs, you have an expense ratio of 50% unless you can get a tax advisor to say its less.
The number of credit tradelines. Answer: 3 trades for 24 months each is usual. If its 65% ltv or less, 1 trade for 24 months and 2 other trades with no requirements. However, we are coming out with new guidelines on this soon.
Are credit disputes allowed: Answer: If the borrower is disputing something we don’t care. We don’t care at all about credit card lates. We don’t count them at all. All we care about is the mortgage and/or rent has been paid on time.
Other important factors for 10% down payment bank statement loans? Answer: Must be self-employed for 2 years or more. We do have a 1-year se program if it hasn’t been in business for a full two years, but at a reduced LTV of 80.
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At Acra Lending, we go up to a 50 DTI, nonQM.