New York Mortgage Company

Archive for the ‘Bank Statements As Full Doc’ Category

Bank Statement loan programs are loans in which your income is based on the total deposits in your bank statements over the last 12 months. The total amount is averaged over 12 months to give you an average monthly income based on that figure. This program is excellent for those who can not verify there income because get paid off the books or for those who have joint accounts and want to use there spouses income with out having there spouse be on the loan. There are many scenarios that can benefit from this program. The biggest benefit is that bank statement program loans are considered full documentation loans which replace having to verify your income with tax returns and pay stubs.