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Empower Your Homeownership Journey
Bank Statement Mortgage
The Bank Statement mortgage program offered by SouthFork Funding is specifically designed to cater to the needs of self-employed individuals who require a means to demonstrate their business cash flow. This program is well-suited for borrowers who do not necessarily possess 100% ownership. It aims to address the underserved market of self-employed mortgage borrowers by providing a viable solution for credit-worthy individuals who may not meet traditional qualification criteria.
Credit scores starting at 600
Up to 90% LTV, No MI
Program Highlights:
Loans up to $3 million with a minimum of $150,000
12 or 24 months business or personal bank statements
Two years seasoning for foreclosure, short sale, bankruptcy or deed-in-lieu
Rates are 30-year fixed
Two years self-employed required
Borrowers can own as little as 50% of the business for business bank statements and 25% for personal bank statements
Purchase and cash-out or rate-term refinance
1099 option available
Owner-occupied, second homes, and non-owner occupied
40 year fixed interest only available
Most loans will be qualified on an expense factor of 50%. Companies with a lower expense factor will require a statement from a third party CPA or tax preparer. (Some industries with traditionally higher expense factors will be underwritten with a 70% expense factor.)
Non-warrantable condos allowed
Loan amounts greater than or equal to $1,500,000, a borrower paid second appraisal must be obtained
