Can I Refinance With A Bank Statement Loan?
Yes, it may be possible to refinance with a bank statement loan program, depending on the specific requirements of the program and your financial situation.
A bank statement loan program is a type of mortgage loan that allows borrowers to use their bank statements as proof of income instead of traditional income documents like tax returns and W-2s. This type of loan program is typically used by self-employed individuals or those with non-traditional income sources who may have difficulty qualifying for a traditional mortgage.
To determine if you can refinance with a bank statement loan program, you will need to research lenders who offer this type of loan and review their eligibility requirements. Some lenders may require a minimum credit score, a certain amount of cash reserves, or a specific debt-to-income ratio.
Once you find a lender and loan program that meets your needs, you will need to provide your bank statements for the past 12-24 months, depending on the lender's requirements. The lender will review your bank statements to determine your average monthly income and expenses and use this information to calculate your debt-to-income ratio and assess your ability to repay the loan.
It's important to note that bank statement loan programs may have higher interest rates and fees than traditional mortgage loans, so it's important to carefully review the terms with a trusted lender like NW Alternative Mortgage before deciding if it's the right option for you.