Bank Statement & Business Purpose Programs
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HomeXpress Mortgage is a responsible lender that gives loans to borrowers who have the ability to repay their loans and who meet all regulatory lending criteria. We’re providing opportunities for more borrowers to take part in the American dream of homeownership even though they may have had significant credit events or have verifiable income that does not fit the standard mortgage loan grid.
What is A Bank Statement Program?
As a wholesale lender, HomeXpress Mortgage looks at the borrower’s income based on their employment category. So, instead of basing the loan decision process solely on a credit score and government underwriting matrices, our approach is based on 12 or 24 months’ worth of personal or business statements in the bank.
This allows us to see the bigger picture when it comes to borrowing and determining the borrower’s Ability to Repay (ATR) the loan according to the loan’s terms. HomeXpress Mortgage examines the cash flow and expenses, such as bill and lease payments, during the approval process for mortgage loans like this.
What is A Business Purpose Loan?
A Business Purpose loan is a loan made specifically for a Business Purposes and not a Consumer Purposes. Business Purpose loans are not subject to TRID. Business Purpose loans are typically made to seasoned Real Estate investors who use Non-Owner Occupied Residential properties (up to 4 Units) for collateral. Business Purpose loans are qualified on the Rents (cash Flow) of the property considering the property’s Debt Coverage Ratio or DCR. Typically, the mortgage payment on the property will be covered by the rent received (DCR=1.00)
Programs from The Industry’s Most Trusted Lender
Are you a broker who would like to place your customers with this type of loan? If so, reach out to our team to learn more about our individual loan products and services. Due to the specialized nature of our products, a highly experienced Account Executive is key to helping your team analyze and pre-qualify borrowers. We do not leave DU or LP in charge of your borrowers unique financial needs, our Account Executive will guide you every step of the way. To get started with your bank statement loan, give us a call at 800-216-1723 or complete our broker application online.