- The borrower must be able to provide personal bank statements from the past 24 consecutive months.
- The borrower must prepare and provide a personal profit and loss statement for the past 24 consecutive months.
- The borrower’s bank statements and P&L statement should be within the range of about 10% of each other.
What’s considered qualifying income?
- Qualifying income can include payments transferred from business accounts, deposited directly from business accounts, deposited via an ATM from business accounts, and payroll checks.
- The amount of total qualifying income will be determined by dividing the total amount of income deposited by the total number of months bank statements provided.
- Our UGMC Bank Statement Program does not require your clients to provide any tax transcripts, and multiple bank accounts may be used to validate qualifying income.
When you have a self-employed borrower with a non-traditional income stream, don’t turn them away. Contact us at United Guaranteed Mortgage Company. We offer innovative loans to help you provide the lending solutions your self-employed clients need.