{"id":5652,"date":"2022-10-08T10:29:28","date_gmt":"2022-10-08T14:29:28","guid":{"rendered":"https:\/\/dreamhomefinancing.com\/?p=5652"},"modified":"2022-10-08T10:32:40","modified_gmt":"2022-10-08T14:32:40","slug":"jumbo-bank-statement-loans","status":"publish","type":"post","link":"https:\/\/dreamhomefinancing.com\/jumbo-bank-statement-loans\/","title":{"rendered":"Jumbo Bank Statement Loans – Lenders and Rates"},"content":{"rendered":"

Jumbo Bank Statement Loans<\/strong><\/span><\/h2>\n

\"Jumbo<\/span><\/p>\n

Jumbo bank statement loans are for self-employed home buyers who are looking for alternative financing for high priced homes up to $5 million.<\/span><\/p>\n

Bank statement loans allow borrowers to qualify using the average monthly bank deposits instead of providing tax returns.<\/span><\/p>\n

Jumbo Bank Statement Loan Requirements<\/strong><\/span><\/h2>\n

If you are self employed for at least two years and can provide at least 12 months of bank statements, you may qualify for a jumbo bank statement loan. These are some of he features of a jumbo bank statement loan:<\/span><\/p>\n

    \n
  • Loan amount up to $5 million<\/span><\/li>\n
  • Down payment of at least 10%-20%<\/span><\/li>\n
  • No PMI required for down payments under 20%<\/span><\/li>\n
  • Debt to income ratio (DTI) up to 50%<\/span><\/li>\n
  • No tax returns required<\/span><\/li>\n
  • Purchases, refinances or cash out refinances<\/span><\/li>\n<\/ul>\n

    Credit Score Requirement<\/strong><\/span><\/p>\n

    For the jumbo version of the bank statement loan, lenders will look for higher credit scores starting at 660 or more. The credit score not only will determine the down payment, but it will also be a determining factor in what your interest rate will be.<\/span><\/p>\n

    Down Payment<\/strong><\/span><\/p>\n

    The minimum down payment for a jumbo bank statement loan will be 10%. However, the higher the loan amount, the larger the down payment. When the purchase price does into the millions, you can expect the down payment could be 15% or more.<\/span><\/p>\n

    Calculating Income with Bank Statements<\/strong><\/span><\/p>\n

    You will be asked for a minimum of 12 months of bank statements and the underwriter will be looking for your average monthly deposits.<\/span><\/p>\n

    If you are using a business bank statement, the lender will use 50% of the average. If you haver personal bank statements, 75%-100% of the average will be used depending upon the lender.<\/span><\/p>\n

    The average monthly deposits will be used by the lender as the qualifying monthly income on your mortgage application.<\/span><\/p>\n

    Loan Terms<\/strong><\/span><\/p>\n

    Jumbo bank statement loans are available in a 30 year fixed option. You may also find an ARM and possibly a 10 year interest only mortgage<\/strong><\/span><\/a> version.<\/span><\/p>\n