For self-employed individuals or those who rely heavily on commissions and bonuses, traditional mortgages may not always be the best option. This is where bank statement mortgages come into play. Bank statement mortgages are an alternative option for those who have non-traditional income streams. In Arizona, bank statement mortgage loans are becoming increasingly popular. Let’s explore why.
Flexible Income Verification
Traditional mortgages require W-2 forms and pay stubs to verify income. However, self-employed individuals or those who earn commission-based incomes may not have consistent or traditional pay stubs to verify their income. With a bank statement mortgage, a borrower’s income is evaluated based on their bank statements. This means that the lender can see the deposits made into the borrower’s account each month, allowing for a more accurate representation of the borrower’s income.
Ideal for Self-Employed Individuals
Self-employed individuals are often required to submit multiple years’ worth of tax returns to prove their income when applying for a traditional mortgage. However, bank statement mortgages in Arizona or Florida allow self-employed individuals to use their bank statements as proof of income, making the mortgage application process much simpler and more accessible.
Fewer Restrictions on Employment
Traditional mortgages may require borrowers to have been employed for a certain length of time before being approved for a loan. However, with a bank statement mortgage in Arizona, borrowers may not have to meet this requirement. This is because the lender is able to evaluate the borrower’s income based on their bank statements and determine their ability to repay the loan based on that information.
Ideal for Those with Non-Traditional Income
Those who rely heavily on bonuses or commission-based incomes may struggle to obtain a traditional mortgage. With a bank statement mortgage, these individuals can use their bank statements to show consistent income over time. This can make obtaining a mortgage much easier, as lenders are able to evaluate a borrower’s income more accurately.
Higher Approval Rates
Because bank statement mortgages are based on a borrower’s bank statements rather than traditional income verification methods, the approval rates for these loans tend to be higher. This is especially true for those who have non-traditional income streams, as they may not be able to qualify for a traditional mortgage.
Available in Multiple States
Bank statement mortgages are not only available in Arizona but also in other states such as Florida and California. This means that borrowers who have non-traditional income streams can benefit from these loans in other parts of the country as well.
Conclusion
Bank statement mortgages in Arizona offer flexibility and accessibility to those who have non-traditional income streams. With a bank statement mortgage, borrowers can use their bank statements as proof of income, making the mortgage application process much simpler and more accessible. These mortgages are especially ideal for self-employed individuals, those with non-traditional income, and those with fewer restrictions on employment. If you are looking for Bank Statement Mortgage in California, you can consult “Blue Raven Group”. For more information, visit blueravengroup.com.
