Bank Statement Loan Program Overview for Agents (Video)

This is Nick Kristoff with the Kristoff Team. I wanted to give you a quick program update today on a new program we have for self-employed borrowers. The Kristoff Team can offer bank statement loan programs for your buyers who are self-employed for at least 2 years and have 12 months of business bank statements. The key items to keep in mind with a bank statement program is that they are for individuals who don't have the income through a traditional underwriting process of looking at two years of tax returns to qualify. In a bank statement program we can look at either 12 months or 24 months of bank statements and use the cash flow for the business bank statements to analyze income. It can be a fantastic program for individuals who are self-employed, who have at least 2 years in the business, and they're looking to purchase a primary residence second home or investment property. For that matter they can refinance or do a cash out as well. If they're buying any one of those properties and just don't have the timing they need for filing the actual returns, but they've been in business for a while or the numbers on those business bank statements are more favorable we can take a look at those numbers and get some more folks qualified for a purchase. If you want more information feel free to reach out the Kristoff Team.