# Non-QM Loans

Bank Statement

Bank statement non-QM loans are a type of mortgage loan that is designed for self-employed borrowers who may not meet the traditional income and employment verification requirements of a conventional mortgage. These loans are based on the borrower's bank statements, rather than pay stubs or tax returns, which can make them a more flexible and accessible financing option for self-employed individuals. We'll take a closer look at bank statement non-QM loans and how they can benefit self-employed borrowers.

One of the key advantages of bank statement non-QM loans is that they allow self-employed borrowers to use their bank statements as proof of income, rather than traditional income documentation such as pay stubs or tax returns. This can make it easier for self-employed individuals to qualify for a mortgage loan, as they may not have access to the same type of documentation as salaried employees.

Up to
90%
LTV - Purchase
90%
LTV - Rate & Term
80%
LTV - CASH OUT
$150K - $5M
Price Range

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# Apply For Bank Statement Loan

Bank Statement Loan

Another advantage of bank statement non-QM loans is that they can offer more flexible terms and conditions than traditional mortgage loans. For example, some non-QM loans may allow borrowers to have a higher debt-to-income ratio or a lower credit score than would be required for a conventional mortgage. This can make it possible for self-employed borrowers who may not qualify for a traditional mortgage to obtain financing.

When applying for a bank statement non-QM loan, self-employed borrowers will need to provide their bank statements for a specific period of time, typically 12 to 24 months. The lender will then review the statements to determine the borrower's income and financial stability.

It's important to note that bank statement non-QM loans may carry a higher interest rate than traditional mortgage loans, as they are considered to be higher risk. As a result, self-employed borrowers should carefully compare offers from different lenders and consider the total cost of the loan before deciding which option is best for them.

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Mortgage Lending For Bankruptcy?

It is generally more difficult to obtain a mortgage loan after filing for bankruptcy, but it is not impossible. The exact terms and conditions of a mortgage loan after bankruptcy will depend on a variety of factors, such as the type of bankruptcy that was filed, the lender's policies, and the borrower's credit history and income.

After filing for Chapter 7 or 11 bankruptcy, you can expect that your credit score will be negatively impacted for approximately 10 years. This means that you may have difficulty getting approved for new loans or lines of credit during this time period. Additionally, your income may be severely limited by restrictions placed upon you by your court-appointed trustee during this time period. If your Chapter 13 plan was successful and you did not miss any payments during the repayment period, however, this may not affect your ability to obtain mortgage financing at all.

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"Josh Settersten, was AMAZING to work with. Really really good at what he does. Professional, trustworthy, good listener and tries to get you the best deal out there. I learned so much about getting a mortgage from him. He delivered on all fronts. I am glad I had him in my co
"Josh helped tremendously throughout the entire process of purchasing our first home. He was excellent at communicating and overall exceeded our expectations. I would highly recommend working with Josh!"
"I can not say enough great things about Brandon Wunder! Our loan was complicated to say the least, and Brandon and his team were there with me every step of the way! With every problem he communicated and found a way to solve them. I was so nervous about this process and Br
"Groves Capital is the BEST!! Before purchasing my home, I spoke with several brokers and it was such a hassle. I mean seriously, the initial broker I was working with made me want to give up on buying a house entirely.. And then Groves Capital came along! This dream team rea
"Great company and an awesome team to make it happen an easy and smooth process thanks guys."
"I had the great pleasure of working with Josh. Not only was he super accommodating but he helped me every step of the way! For me personally, this was the first time I ever bought a home and I can certainly say that without Josh it would not have been as smooth! Thank you ag
"June An is the best! Super attentive, responds quickly, and is always there for you every step of the way. I’ve used him for both second home loan, primary home refi, and heloc loans and every time has been a wonderful experience. He acquired great rates, handled all of my q

Employment

  • Complete Income Tax Returns for past 2-years
  • W-2 & 1099 Statements for past 2-years
  • Pay-Check Stubs for past 2-months
  • Self-Employed Income Tax Returns and YTD Profit & Loss Statements for past 3-years for self-employed borrowers

What Documents are Needed to Apply for a Home Loan?

Your loan approval depends 100% on the documentation that you provide at the time of application.
You will need to give accurate information on:

Savings

  • Complete bank statements for all accounts for past 3-months
  • Recent account statements for retirement, 401k, Mutual Funds, Money Market, Stocks, etc.

Credit

  • Recent bills & statements indicating account numbers and minimum payments
  • Landlord’s name, address, telephone number, or 12- months canceled rent checks
  • Recent utility bills to supplement thin credit
  • Bankruptcy & Discharge Papers if applicable
  • 12-months canceled checks written by someone you co-signed for to get a mortgage, car, or credit card, this indicates that you are not the one making the payments.

Personal

  • Drivers License
  • Social Security Card
  • Any Divorce, Palimony or Alimony or Child Support papers
  • Green Card or Work Permit if applicable
  • Any homeownership papers

Refinancing or Own Rental Property

  • Note & Deed from any Current Loan
  • Property Tax Bill
  • Hazard Homeowners Insurance Policy
  • A Payment Coupon for Current Mortgage
  • Rental Agreements for a Multi-Unit Property

# Apply For Bank Statement Loan

Why Should You Choose Us?

We're here to make the home loan process a whole lot easier, with tools and expertise that will help guide you along the way, starting with our simple Hard Money Rate Quote.

  • Customer Focused
  • Minimal Documentation
  • In-Houses Controls
  • Best Loan Services
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# Apply For Bank Statement Loan

States We Lend In

Looking for lending in a state not listed? We do lend in other states on a case-by-case scenario. Give us a call to see what we can do for you.

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