Bank Statement Loans

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.

The borrower’s income gets built from deposit averages instead of tax returns.

An underwriter averages the deposits, applies an expense factor to strip out business costs, and treats what’s left as qualifying income.