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American Financial Resources' Non-QM Bank Statement Qualifying Loan is the company's finance option for self-employed borrowers who do not qualify for a traditional income calculation method, according to the company.
AFR states that this loan is offered to applicants utilizing an analysis of deposits into bank statements rather than through traditional income documentation (such as W2s). The company designed the program for applicants who are sound credit risks.
“At least one applicant must derive their primary income from Self-employed activity. Co-Applicants who are not self-employed may provide supplemental income from other sources,” according to. AFR.
“If the applicant has been self-employed for 1-2 year(s), evidence of two years previous employment in the same line of work is required. The applicant must provide 12-24 months of business and/or personal Bank Statements.”
The program includes a maximum loan amount of $1 million, a maximum LTV of up to 90%, a minimum credit score of 680, and a maximum DTI of up to 55%. Properties eligible for this program include 1-4 Unit attached and detached properties, warrantable and non-warrantable condos, PUDs, and mixed-use properties.