Who Should Apply?
The Bank Statement Loan program is our leading option for many utilizing our AMP Suite. Bank statement loans are nontraditional loans or expanded criteria loans that allow other forms of documentation to prove the ability to repay. Just as it sounds, a bank statement loan allows the borrower to verify his or her income with bank statements.
Advantages of a Bank Statement Loan
First-time homebuyers are allowed, restrictions may apply.
Criteria for Bank Statment Loans
Must be a business owner or self-employed for at least two years.
Must have a credit score of 660 or above.
Loan amount between $150,000 and $3,000,000. *(2)
Must have 12 or 24 months of Bank Statements.
Up to 80% LTV.
Applicants must own 25% or more of the business.
(1) Exceptions allowed on case-by-case basis.
(2) Maximum loan amount exceptions on a case-by-case basis. Additional criteria may apply.
There are typical borrowers who qualify for typical home loans, and then there are specialty borrowers with situations that are just different enough to require a little extra analysis. We are proud to offer a range of products designed for many kinds of above-average borrowers - enter Arcstone Financial's Accessible Mortgage Program or AMP.
AMP is a Non-QM or Non-Qualified Mortgage product, to learn more about these programs, please reach out to your Arcstone Financial Mortgage specialist.
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