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SELF-EMPLOYED?  

WE HAVE MORE REASONS TO SAY YES.

WATCH A VIDEO ABOUT THIS PROGRAM

Bank Statement Second Mortgage Program

If you are a self-employed homeowner looking to tap into the wealth locked within your property? Introducing our Bank Statement Second Mortgage Program.

It works similarly to any second mortgage, except that we allow you to qualify using your bank statements instead of tax returns.

With this innovative financial solution, you can access your home's equity without sacrificing your existing low-interest first mortgage.

Keep Your Low Interest Rate First Mortgage

Say goodbye to the fear of increasing your monthly mortgage payments! Our Bank Statement Second Mortgage Program empowers self-employed homeowners like you to unlock your home's equity while keeping your existing low-interest rate first mortgage intact. Don't let the prospect of higher interest rates deter you from leveraging your home's value.

It's a Home Equity LOAN,
Not a HELOC

Unlike Home Equity Lines of Credit (HELOCs) with variable rates that can cause uncertainty, our program offers fixed-rate terms.

You can choose from flexible loan durations of 10, 15, 20, or 30 years, ensuring that your financial planning remains predictable and manageable.

Versatile Use for Multiple Properties

Our Bank Statement Second Mortgage Program isn't limited to primary residences only.

You can also utilize it for second homes or 1-4 unit investment properties. The flexibility to apply this program to different property types gives you the freedom to make strategic financial decisions.

Utilize Your Funds
Your Way

Invest, renovate, consolidate, or more – the possibilities are endless.  Whether you're looking to consolidate high-interest credit card debt, invest in real estate, embark on home improvements, renovate, purchase a new vehicle, or pay for college tuition, this program has got you covered.

Unleash the potential of your home's equity for a brighter future.

2 EQUITY LOAN PROGRAM OPTIONS:

OPTION 1

Designed for high loan amount access

Loan Size: $200,000 to $1MM

Income Documentation: 12 months bank statement analysis

Maximum Leverage: Up to 80% CLTV*

Minimum credit score to qualify: 680 FICO score

Max combined loan amount: $5MM

Fixed terms: Choose from 10, 15, 20, or 30 year fixed rate terms. (Interest-only available on 30 year term)

 

* - CLTV (Combined Loan-to-Value).  The maximum new loan amount is limited to 80% of the appraised value of the home, minus the balance of the existing first mortgage and settlement charges.

OPTION 2

Designed for smaller loan amounts with deeper leverage.

Loan Size: $150,000 to $550,000

Income Documentation: 12 or 24 months bank statement analysis

Maximum Leverage: Up to 90% CLTV*

Minimum credit score to qualify: 660 FICO score

Max combined loan amount: $2.5MM

Fixed terms: Choose from 10, 15, 20, or 30 year fixed rate terms.

 

* - CLTV (Combined Loan-to-Value).  The maximum new loan amount is limited to 90% of the appraised value of the home, minus the balance of the existing first mortgage and settlement charges.

CONSIDERING CASH-OUT ?

Use our Blended Rate Calculator to Compare Options

Is it better to do one large cash-out loan when refinancing, or keep your existing mortgage and just add a second mortgage for the cash?

Enter some basic details and the calculator will show you the blended interest rate so you know the cost of the money you are borrowing when using two loans.

Consult your loan advisor for the qualifying rates of the Bank Statement Second Loan Program.

We're here to help!

BLENDED RATE CALCULATOR

KEY ELIGIBILITY NOTES

 

Self-Employed Applicants Only: Borrowers must be in business at least 24 months, and own a minimum of 25%+ of the business.

 

The existing first mortgage must be in good standing and full repayment. The following existing first mortgage circumstances are ineligible:

  • Loans without a satisfactory payment history in the most recent 12 month period.
  • Loans in active forbearance or deferment.
  • Deferred balance due to a documented hardship may remain open. Without documented hardship, deferred amounts must be paid through closing.
  • Loans with negative amortization.
  • Reverse mortgages
  • Balloon loans that the balloon payment comes due during the amortization period of the2nd loan.
  • Private Party mortgages

 

Credit history criteria: Applicants with active credit delinquencies are ineligible.  Charge‐offs or collections paid off over 12 months ago are acceptable. Open medical collections less than $1,000 per occurrence can be left open.

 

Prepayment Penalties:  This program has no prepayment penalties for owner-occupied homes or second homes.  Prepayment penalties only apply to Investment homes, see loan originator for details.

 

The following property types are ineligible for this program:

  • Rural zoned properties
  • Condotels
  • Non‐warrantable Condos
  • Manufactured Homes
  • Log Homes
  • Working Farms and Hobby Farms
  • Unique Properties
  • Agricultural or Commercial Zoned Properties
  • Co‐ops
  • Room and Board Facilities
  • Adult Assisted Living/Care Facilities

 

This program not available in Texas.

 

Other terms and conditions apply.  Consult your loan advisor for more information.

This is not a commitment to lend.  Not all borrowers will qualify for the loan programs listed.  All program terms and conditions are subject to change and may be discontinued without prior notice.  Contact loan originator for program questions and scenarios.