Bank Statement Loans

Underwriting looks at what the 1099s actually show, not the net figure left over after business write-offs.

Twenty-four months of statements smooths out a bumpy income year that twelve months alone might penalize.

Whether the file runs through consumer disclosure rules or business-purpose rules depends entirely on whether the owner lives in one of the units.

Multifamily 5+ Bank Statement Loan Complete Guide: what borrowers need to know about bank-statement and self-employed financing, from Lendmire.

Whether the file is treated as a consumer mortgage or a business-purpose loan depends entirely on who is going to live in the house.

Complete Guide For A 1099-only Loan On Multifamily 5+ Properties — what borrowers need to know, from Lendmire.

But the condo runs through its own separate review.

It fits self-employed buyers who earn on 1099s and want a duplex, triplex, or fourplex. Occupancy decides everything.

One is the five-unit threshold that reclassifies a property from residential to commercial multifamily.

Either file can sink the deal on its own, regardless of how strong the other one looks.

It’s a consumer mortgage, which matters most when one unit is owner-occupied.

Bank statement underwriting solves a consumer-mortgage problem tied to a four-unit ceiling.