ALTERNATIVE DOCUMENTATION
Bank Statement Loans
Self-employed borrower, strong deposits, tax returns that don't tell the real story. On Prime PLUS, this bank statement mortgage uses a 0% expense factor and 100% of eligible deposits on personal statements, no CPA letter required.
What Is an Bank Statement Mortgage?
Castor Financial's bank statement loan programs lets business owners and self-employed borrowers qualify using 12 months of personal or business bank statements instead of tax returns. Minimum FICO is 620 on the Expanded program, and loan amounts reach $3.5 million on Prime PLUS. On Prime PLUS, bank statement income stacks with asset depletion, perfect for a borrower with high DTI.
Why Brokers
Choose Castor
For Bank Statement Loans
Blend Anything
PRIME PLUS
Combine business and personal statements, multiple statement streams, asset depletion, and standard W-2 income on the same application.
No limit on the number of accounts used.
Credit Events
EXPANDED
Twelve months of personal or business statements still work for a borrower carrying a bankruptcy, foreclosure or short sale seasoned as little as 24 months.
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No CPA letter - Personal Accounts
PRIME PLUS
Personal statements use a 0% expense factor and 100% of eligible deposits. No CPA letter and no expense worksheet holding up the file. Business statements default to 50%, or down to 10% when a CPA letter is provided.
2nd Lien Bank Statement Loans
EQUITY ACCESS
The same 12 months of personal or business statements qualify a standalone second, so a self-employed borrower can pull equity without disturbing a first lien they will never beat.
Program Name | Max Loan Amount | Min Fico | Max LTV | Occuapancy |
|---|---|---|---|---|
Prime Plus | $3,500,000 | 660 | 90% | Primary, Second, Investment |
Prime | $3,000,000 | 660 | 85% | Primary, Second, Investment |
Expanded | $2,000,000 | 620 | 80% | Primary, Second, Investment |
Equity Access [2nd Lien] | $750,000 | 660 | 90% CLTV | Primary, Second, Investment |