7 responses to “Does anyone know of a mortgage company that allows you to use bank statements to prove income?”

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  A.Mercer October 2nd, 2010 at 20:05

  Norma

  There was a great article in Yahoo today about how a lot of mortgage companies are abusing their clients by allowing people who are not eligible for a mortgage to get one anyway.

  There is a lot of abuse in the industry. One of the questionable tactics was using a “no documentation” where the lender takes your word for your income.

  Read the article and you can see how a mortgage can be a financial trap. Do a lot of reading on mortgages before you go for one. There are lots of things you need to know about.

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  Robbie G October 4th, 2010 at 02:36

  Leonard

  Do you have good credit? If so, you may not like this answer… The lenders that will typically do these loans are known as subprime lenders. They generally cater to people with “blemished” credit, and offer this as a way for self employed people to get financed on a loan. They will still be able to get your loan done, and with good credit, you’ll get the best rates that they offer. Just don’t expect them to be like the larger banks. You would be looking at a rate of 6.95% on a 2 year ARM (Adjustable Rate Mortgage) on the 1st mortgage, and a rate of 9.9% on the 2nd mortgage (If looking for 100% financing)

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  Faye H October 7th, 2010 at 04:24

  Jessie

  Most mortgage companies want to verify income with your employer. If you are self-employed or have other income outside employment, a copy of your last tax return sometimes works. But they usually want to make sure you have a job and income to repay the loan before they’ll approve it.

  I’ve worked in HR. We got employment verifications all the time on employees that were purchasing homes.

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  saekde October 8th, 2010 at 13:42

  Jared

  Most of them have this program available now. Don’t ever use one of the online “too good to be true” companies… Also, it is usually better to use a mortgage broker than a bank.

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  SuperMom22 October 9th, 2010 at 23:00

  Bernice

  I work for a mortgage broker, and we have at least 4-5 different lenders that offer this program. They aren’t banks that allow you to submit to them directly, you will have to go thru a reputable mortgage broker to submit your loan. We can do loans in all 50 states, so if you’re interested email me and I will give you a call! Or if you prefer I can try to help you locate a company in your area…

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  togashiyokuni2001 October 12th, 2010 at 11:28

  Beverly

  Plenty of places will do it, and not all of them are subprime. In fact, on Desktop Originator select alternative documentation formats, and still get Fannie approvals.

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  mortgageguy October 13th, 2010 at 08:14

  Catherine

  Give me a call at 1-866-597-2968 x11 We have more than a dozen lenders that will lend with bank statements.