We offer loans.
Our Bank Statement Loan Programs are a perfect fit for self-employed borrowers who prefer to use business or personal bank statements to document their income instead of tax returns.
Entrepreneurs, freelancers, small business owners, and self-employed borrowers — don’t let your taxable income stop you from getting a low-rate mortgage. We have a flexible loan option specifically made for you.
No Tax Returns Needed Program ( Bank Statement / Gigs (1099)/ Asset Qualifiers)
- Minimum loan amount will be $150,000 and $4M as maximum (Cash-out refinance $2.5M).
- Primary or Secondary homes are allowed.
- Can close in individual or LLC.
- No prepaid penalty.
- Needs to be self-employed for 2 or more years .
Types of Income documents allowed:
- 3, 12, 24-month bank statement – Personal or business bank statement
- 2 yrs of 1099’s
- CPA Letter with Profit and Loss Statement
- Minimum 600 Credit Scores
- Up to 90% Loan to Values (need minimum 660) & Up to 80% Loan to value cash-out (minimum 720 FICO)
- First Time Home Buyers ok
- Need to show Verification of Rent. If landlord is an individual, need cancelled checks for rent history
- If living rent free, 75% Loan to value max, and 10% of own funds from borrower.
- Need credit score and SSN – Permanent Resident Alien allowed
- Reserves Requirements; 3- 12 Months of the proposed mortgage payments. Plus reserves for current properties
- Debt to income ratios up to 55% allowed
- Property Type allowed
- 1-4 Units
- Warrantable/Non-warrantable condos
- PUDs = Planned Unit Development
Came to the Contrasto team to prequalify for a new house loan. We had worked with Contrasto when getting our current home.They took time to explain what we needed, ad were very helpful in suggesting where we could get additional help. They are great partners. The Contrasto team was very professional, courteous and provided excellent service to me when I was buying a new home.
“My wife and I have used Patti's services on two different occasions when we purchased homes. She always provided excellent service, is very knowledgeable, very professional, and very friendly. We highly recommend her.”
"Outstanding service!!! Patti and Team are amazing!! They will work hard to get you the best possible deal and ensure the entire process is completed in a timely manner. All the while explaining you the entire loan cycle step-by-step, so you never feel out of place. If you have any doubts about whom you should be working with, contact Patti and Team. You won't regret it!!"