{"id":2592,"date":"2015-12-14T00:19:15","date_gmt":"2015-12-14T00:19:15","guid":{"rendered":"http:\/\/teammovemortgage.com\/?p=2592"},"modified":"2020-07-13T22:33:53","modified_gmt":"2020-07-13T22:33:53","slug":"bank-statement-mortgage-loans","status":"publish","type":"post","link":"https:\/\/teammovemortgage.com\/blog\/bank-statement-mortgage-loans\/","title":{"rendered":"Bank Statement Mortgage Loans Do Not Require Tax Returns for Business Owners"},"content":{"rendered":"<p>Homeownership, owning your business, and living life to the fullest are 3 of the most popular answers to the American dream.\u00a0 One could see why many desire to own a business.\u00a0 Successful business owners enjoy\u00a0a sense of pride in building something that supports their employees and provides valuable services.\u00a0 Yet, the self employed also have a business to be their own boss and control their lifestyle.\u00a0 Lifestyle includes time, finances, and even <a href=\"https:\/\/www.zillow.com\/\">homeownership<\/a>.\u00a0 But, over the years <a href=\"http:\/\/teammovemortgage.com\/blog\/2017\/11\/13\/buy-a-house\/\">homeownership<\/a>\u00a0was a challenge for business owners because of stringent tax returns income requirements.\u00a0 That is where bank statement mortgage loans come in handy.<\/p>\n<h2>NO Paystubs, No Tax Returns, No W2s Required<\/h2>\n<p>Wait!\u00a0 Self employed business owners have to provide 2 years of <a href=\"https:\/\/www.irs.gov\/\">tax returns<\/a>, k1&#8217;s, w2&#8217;s, and a pint of blood right?\u00a0 That is the beauty of the bank statement mortgage loans.\u00a0 For <a href=\"http:\/\/teammovemortgage.com\/blog\/2015\/05\/22\/self-employed-mortgage\/\">self employed<\/a> borrowers with a business in existence for at least 2 years,\u00a0these documents are not required here.\u00a0\u00a0Unlike <a href=\"https:\/\/portal.hud.gov\/hudportal\/HUD\" target=\"_blank\" rel=\"noopener noreferrer\">FHA<\/a>, Fannie, <a href=\"http:\/\/www.freddiemac.com\/\" target=\"_blank\" rel=\"noopener noreferrer\">Freddie<\/a>, or <a href=\"https:\/\/www.ebenefits.va.gov\/ebenefits\/homepage\" target=\"_blank\" rel=\"noopener noreferrer\">VA<\/a>, there are no tax returns required. So, this\u00a0loan program is a great\u00a0mortgage alternative.\u00a0 Income documentation\u00a0solutions include:<\/p>\n<ul>\n<li>12 months personal bank statements<\/li>\n<li>24 months personal bank statements<\/li>\n<li>24 months business bank statements<\/li>\n<\/ul>\n<h2>Bank Statement Mortgage Loans Allow Low Credit Scores<\/h2>\n<p>Not only do bank statement mortgage loans offer\u00a0income documentation alternatives, but they also provide credit flexibility as well.\u00a0 Life happens sometimes and those life situations may affect <a href=\"http:\/\/teammovemortgage.com\/blog\/2014\/10\/14\/how-to-have-perfect-walk-on-water-qualifies-for-the-best-rate-there-is-credit\/\">credit scores<\/a> temporarily.\u00a0 Credit\u00a0situations such as foreclosure, short sale, or bankruptcy act as a speed bump to getting mortgage approval.\u00a0 But, bank statement mortgage loans allow as short as 12 &#8211; 24 months since the event!\u00a0 Credit scores may even be as low as 580, but re-established credit including rent or mortgage payments are important.<\/p>\n<figure id=\"attachment_2593\" aria-describedby=\"caption-attachment-2593\" style=\"width: 300px\" class=\"wp-caption alignright\"><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-2593 size-medium\" src=\"https:\/\/teammovemortgage.com\/blog\/wp-content\/uploads\/2015\/12\/luxury-house-300x151.jpg\" alt=\"bank statement mortgage loans for business owners\" width=\"300\" height=\"151\" \/><figcaption id=\"caption-attachment-2593\" class=\"wp-caption-text\">Flexibility for Business Owners<\/figcaption><\/figure>\n<h2>\u00a0Bank Statement Mortgage Loans Details<\/h2>\n<ol>\n<li>Purchase or cash out refinancing<\/li>\n<li>Self employed only<\/li>\n<li>Not for limited credit borrowers<\/li>\n<li>$250,000 &#8211; $2,000,000\u00a0loan size limits<\/li>\n<li>Primary &amp; secondary residences only<\/li>\n<li>Single family residences, townhomes, and condos only<\/li>\n<\/ol>\n<p>Actually, this is just the tip of what is available for business owners.\u00a0 If looking to purchase a primary or <a href=\"http:\/\/teammovemortgage.com\/blog\/2015\/12\/18\/so-many-ways-besides-cash-to-buy-a-second-home-at-the-beach-or-mountains\/\">second home<\/a> as well as refinancing to receive cash, contact an Blue Ridge Bank Mortgage loan officer now.\u00a0 Then, your specific scenario can be discussed and we can determine if this program is a fit.<\/p>\n<h5><em>\u00a0<\/em><\/h5>\n","protected":false},"excerpt":{"rendered":"<p>Homeownership, owning your business, and living life to the fullest are 3 of the most popular answers to the American dream.\u00a0 One could see why many desire to own a business.\u00a0 Successful business owners enjoy\u00a0a sense of pride in building something that supports their employees and provides valuable services.\u00a0 Yet, the self employed also have [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":2593,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[5,33,97,34,17,40],"tags":[555,556,557,558,559,560,561,10,13,98,16,162,222,37,562,163],"class_list":["post-2592","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-1st-time-buyers","category-frequently-asked-questions","category-interesting","category-jumbo","category-products","category-tips","tag-bank-statement-mortgage","tag-bank-statement-mortgage-loan","tag-bank-statement-mortgage-loans","tag-bank-statements","tag-bankruptcy","tag-business-owner-mortgage","tag-foreclosure","tag-homebuyers","tag-mortgage-faqs","tag-nc-purchase-contract","tag-north-carolina","tag-self-employed","tag-self-employed-mortgage","tag-short-sale","tag-stated-income-mortgage","tag-tax-returns"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.9 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Bank Statement Mortgage Loans Help Business Owners Purchase or Cash Out Refinance<\/title>\n<meta name=\"description\" content=\"Bank statement mortgage loans provide business owners the flexibility to qualify without using income tax returns. 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