16 Jan What is a Bank Statement Loan and is it right for you?
Hello everyone, this is Luis Carranza from PrimeLending. I’m very excited to talk about a product that a lot of people aren’t familiar with, but I wanted to just talk about it briefly in hopes that if you’re interested, you can get a hold of me. So one of the products that seems to be out there but not a lot of people talk about is a Bank Statement Program.
At PrimeLending we have access to that product. What it means is, if you are self employed and you’re struggling going to banks and getting approved because, maybe the debt ratio is a lot more or a lot higher than normal – in other words, your income per what you’re paying on a monthly payment seem to be too high on a percentage basis. Well, we at PrimeLending have access to Bank Statement Programs where we can review bank statements from anywhere from a year to 24 months and we can review the deposits that you’re making on a monthly basis.
Now, this product that we have offers a 5 year fixed, a 7 year fixed, and a 30 year fixed. The only thing we look at is your bank statements and we will not look at your tax returns. It makes it more flexible for self-employed people to do that.
Here’s the great part about the bank statement programs, though. Not only do you have access to the 5 year, 7 year or 30 year fixed product, but you can also do it for second homes and investment properties up to four units.
If this is something that you are interested in or would like to learn more about, give me a call. Luis Carranza at 619.972.6144. If you’re a real estate agent out there that has clients looking for these types of deals but they can’t qualify on your regular vanilla type of loans, call me. Thank you so much for your time.