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  1. I was calling around for a mortgage that works well with a self emplyd borrower that WRITES OFF everything and then gets turned down..... Then this broker sent me this info regarding the lender they use for these types of mortgages....HAS ANYONE heard of these yet? General Requirements Self-employed borrowers are eligible to utilize bank statements to document earnings. All parties listed on each bank account must be included as borrowers on the loan. Standard ratio requirements apply. Refer to the applicable AOD Program Matrices for credit score and LTV restrictions. See below for documentation requirements. Income Calculation for Bank Statements (No Tax Returns or Transcripts Required.) We are going to average the deposits over the last 24 months. You can use multiple accounts and if an account was opened less than 24 months ago, we would average those deposits from the date the account was opened. NOTE: Perfect for ALL those Borrowers that Write-Off Everything, then gets turned down for Regular Financing. Bank Statement Average The following requirements apply when calculating qualifying income using bank statements: • Personal Account Statements: Average the deposits over the last 24 months. *** Income Based On Average Bank Deposits over 24 Months. • Business Account Statements: 100% gross deposits minus withdrawals, Net Deposits used for Income. *** Total Deposits: $5,000 *** - Withdraws: $3,000 *** = Net Deposits: $2,000 Net Income will be used for that particular month. • Multiple bank accounts, either personal and/or business, may be used • Statements must be consecutive and reflect the most recent months available • Transfers between personal accounts should be excluded • Transfers from a business account into a personal account are acceptable • Unusual deposits must be documented • If bank statements provided reflect payments being made on obligations not listed on the credit report, see Undisclosed Debts for additional guidance.

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