I want to know if lenders will use a 12 month bank statement to calculate my income looking at deposits made? If so who?
2007-11-10 07:23:00 · 6 answers · asked by mbz 3 in Business & Finance ➔ Renting & Real Estate
If the bank says it is OK, it will be OK. If you are in business, they would probably like a profit and loss statement also.
2007-11-10 07:27:38 · answer #1 · answered by Anonymous · 0⤊ 1⤋
Some will allow this, but you normally have to be self employed or have commission based income to qualify. It is considered a limited documentation loan and some even consider it a sub-prime loan.
Also, expect to pay a higher rate for this and put at least 10% down.
2007-11-11 02:37:34 · answer #2 · answered by Anthony 3 · 0⤊ 0⤋
Most lenders want paycheck stubs for income verification, not bank statements.
2007-11-10 07:29:18 · answer #3 · answered by Lou O 4 · 1⤊ 1⤋
That's up to the lender. Some probably would. It will also depend upon the requirements of the loan program that you are applying under.
2007-11-10 07:30:06 · answer #4 · answered by Bostonian In MO 7 · 0⤊ 2⤋
i'm a mortgage broker from alberta & in my experience you can get a stated income mortgage. it all really depends on your down payment minumum of 15% down and you have to have your own business, even just one day.
2007-11-11 18:36:40 · answer #5 · answered by Anonymous · 0⤊ 0⤋
I doubt it. They coudl be loans, gifts, illegal finds, whatever. You can verify with paystubs or your tax returns if you are self emplyeed.
2007-11-10 09:44:50 · answer #6 · answered by Landlord 7 · 1⤊ 0⤋