The Bank Statement Mortgage is Back in Florida!
If you are in need of a mortgage which qualifies you based on the cash flow through your bank statements, you have come to the right place.

Preston Ware
Mortgage Banker

The bank statement mortgage is a great loan for self employed borrowers who have a steady deposit stream from their business. These types of borrowers show consistent income but for whatever reason it is not reflected in their current taxes. 

A bank statement mortgage used to be considered a sub-prime loan , now we call it a non prime. 

Every person who is self employed knows the tug of war that goes on between reporting income and writing off expenses to keep your taxes low. Strict accounting for tax purposes is bad for borrowing and vice versa. 

The solution to this dilemma is the bank statement loan. We take a rolling average of 24 months of bank statements and calculate a monthly average.This enables borrowers who are essentially showing too little income on their tax returns to still get a loan. 

The down side is that the rate is much higher than your typical Fannie Mae/ Freddie Mac/FHA mortgage but you still get your house. 

At the writing of this page in December 2016, my regular rates are in the low 4's where the bank statement loan ends up around upper sixes. Also there is no rebate with the bank statement loan so I will need to charge you directly. 

Let's do the Math
Let's say you are purchasing a condo and you are going to put 25% down on a condo that is selling for 250,000.

A typical Fannie Mae mortgage would have a rate about 4.25% with no points.25% down. That would generate a payment that looks something like this.

P & I = $ 922.34​ P & I = $ 1231.74
Contents Insurance=100 Contents Insurance = 100
Taxes        = 320 Taxes = 320
Hoa Dues       = 350 Hoa Dues = 350

Total       =      1692.39          Total       = 2001.74

The bank statement loan requires borrower paid compensation because there is no lender paid compensation paid on this type of loan. In this example I am charging 2 points. 

So comparing cash to close, the Fannie Mae loan would need about $70,826 to close where the Bank Statement Mortgage would require about $74,986 to close.

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