Notice: Function _load_textdomain_just_in_time was called incorrectly. Translation loading for the rocket domain was triggered too early. This is usually an indicator for some code in the plugin or theme running too early. Translations should be loaded at the init action or later. Please see Debugging in WordPress for more information. (This message was added in version 6.7.0.) in /home/nbw1kvhbg84v/public_html/wp-includes/functions.php on line 6114
No Tax Returns Needed Program | Boxwood Mortgage

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

Parameters:

  • 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