Money and Financial Data - Finance Concept

Bank Statement Program

If you have tried to apply for a loan and have had trouble qualifying because of the income that is being reported on your tax returns, you are not alone. Income can fluctuate from year to year, and you may have changed jobs, been unemployed or be self-employed. These are all factors that may have caused income being reported on one or several years of  tax returns to be lower than what you currently earn. Many lenders unfortunately want to see your income being stable and close to the current income level verified by pay stubs in order to qualify you for a loan. If you have had trouble qualifying for a loan in the past because of this, rest assured that MortgageDepot can help you get the loan you need. They offer a Bank Statement program that may be ideal for your situation.

With the Bank Statement program, you will qualify based on the income that is reflected in the last few months of bank statement history. Your funds to close will also be verified through the bank statements. They will still collect your tax returns to verify that they have been filed, but income is not verified from the tax returns for these loans.

If you request a loan amount under $417,000, your bank statements need to reflect:

  • 25 percent down payment
  • 5 percent closing costs
  • 5 percent reserves

If you request a loan amount over $417,000, your bank statements need to reflect:

  • 35 percent down payment
  • 5 percent closing costs
  • 5 percent reserves

The Bank Statement program is just one of several loans that MortgageDepot offer to their valued clients. While they offer traditional loan programs that you will find through other brokers, they also offer unique loan programs that are ideal for loan requests that have a story to them. Each situation is unique, and not every loan request fits into a standard box. They are focused on providing you with personalized attention from start to closing, and this begins with an initial consultation so that they can learn more about your loan request and unique financing needs.

If you are interested in the Bank Statement loan program or if you are interested in learning more about other programs, contact MortgageDepot today. They can let you know more about the competitive rates and terms for this program and for their other programs when they speak with you.

For more information about the Bank Statement Program and how to apply for this program, contact MortgageDepot. Call them at (800) 535-0270, visit them at www.MortgageDepot.com or send them an email by clicking here.