SouthFork Funding | Loan Options
Bank Statement Mortgage
Embrace Your Financial Story.
Empower Your Homeownership Journey
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
