Self Employed but struggling with poor credit? Here’s how you can use bank statements to get the money you need now!
Does this sound like you?
You write everything off on your taxes…
Your taxes show a loss…
You haven’t filed taxes in recent years…
You receive foreign income monthly, quarterly, semi-annually…
You had a 30 or 60 day late on your mortgage in the last 12 months…
Bank Statement Programs can qualify you!
If you are a self employed individual who writes off all of their expenses on their taxes but are plagued by poor credit, you may be able to utilize bank statements from either a personal or business account in order to qualify for the loans you need.
How will my credit score affect my loan value when using bank statements?
If you are a self employed individual who meets the above criteria, you can still be eligible for high maximum loan values in order to receive the funds you need. Despite having a credit score as low as 550, you may still be eligible for up to 65% maximum loan value with use of a bank statement. If your credit score is 760, you may be eligible for a loan value as high as 90%.
What problems with my credit can I have and still qualify?
You are still eligible to use Bank Statement Programs to qualify even with poor credit, mortgage lates up to 60 days in 12 months (depending on FICO and loan to value), and a major credit issue after 12 months, (i.e. BK, NOD).
How will bank statements be used to assess possible qualifications?
As long as earnings are deposited into a bank account, we can use 12 or 24 months bank statements to average your income for loan qualification. We also can use 100 deposits if the account is a personal one or 50 if it is a business account. However, business accounts have some restrictions which may prevent use.
Don’t allow poor credit to slow you down, contact Independent Home Finance, Inc to learn more about qualification for Bank Statement Programs.
