Tailored Mortgage Solutions for Self-Employed Borrowers

At Maine Mortgage Solutions, we understand the unique financial circumstances of self-employed individuals. Our Bank Statement Mortgage Program is designed specifically for self-employed borrowers who want to purchase or refinance a home. This program offers flexibility by not requiring tax returns, making it an excellent option for credit-worthy self-employed homebuyers.

Key Features of Our Bank Statement Mortgage Program

  • High Loan-to-Value (LTV) Ratio:
    • Finance up to 90% of your home's value.
  • Flexible Credit Requirements:
    • Credit scores starting at 600 are accepted.
  • Seasoning for Financial Events:
    • Two years seasoning required for foreclosure, short sale, bankruptcy, or deed-in-lieu.
  • No Tax Returns Required:
    • Simplify your application process by providing bank statements instead of tax returns.
  • High Loan Amounts:
    • Loans available up to $3 million.
  • Self-Employment Requirement:
    • Must be self-employed for at least two years.
  • 1099 Income Option:
    • Available for 1099 earners.
  • 40-Year Fixed Rate Interest Only Option:
    • Available for eligible borrowers.

Documentation Options

  • Business Bank Statements:
    • Provide 12 or 24 months of business bank statements (must own at least 50% of the business).
  • Personal Bank Statements:
    • Provide 12 or 24 months of personal bank statements (must own at least 25% of the business).

Property Eligibility

  • Property Types:
    • Owner-occupied homes, second homes, and non-owner-occupied properties are eligible.
  • Non-Warrantable Condos:
    • Non-warrantable condos are acceptable under this program.

Loan Purposes

  • Purchase and Refinance:
    • Available for both purchase and cash-out or rate-term refinance.

Why Choose Maine Mortgage Solutions?

Maine Mortgage Solutions is committed to offering innovative mortgage products that meet the diverse needs of our clients. Our Bank Statement Mortgage Program is specifically designed to accommodate self-employed borrowers, offering flexible and accessible home financing solutions without the need for traditional income documentation. Let us help you navigate the mortgage process with ease and confidence.

For more details or to begin your application process, contact Mark Violette today!