Whacked Out Wednesday – Bank Statement Loan calculations!

#WhackedOutWednesday – Bank Statement loans and the income calculations are something worth going over.  I closed one in 21 days just last month, so knowing how they’re calculated and how to look at bank statements is crucial to success.  The biggest problem I see is no one is educating others on how to do them, nor are they closing fast.  The key is the work upfront.

First, you must actually look at the deposits and where they are coming from, not just the total of deposits at the top of the monthly statement.   As you do this analyze if any deposits are transfers. (You can’t use these).  Then make sense out of the deposits, a return or “another” business that isn’t being listed on the 1003 can’t be used as deposits.

Second, after adding up all of the deposits you can use, some banks say you can only use a certain percentage.  BluePointMtg does not.  If the client has 10 or less employees and nets less than 2 million gross deposits a year you can use a client produced P&L and expense statement to take into consideration expense ratio.  Then deduct that from your total.  It just has to make sense for the industry the client is in.

At BluePointMtg we have a 24 month, 12 month and a 3 month bank statement loan program for those self employed!  It’s a great alternative for those that write off everything and can’t prove their income the typical way with taxes.  #GetOnPoint with #BluePointMtg and the various Bank Statement programs we have!! CLICK HERE 

In the office all day doing AE trainings, team meetings and taking “I gotta guy” scenarios to help LO’s get loans done.  Let’s work together!!

As Always –

#SellWell

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