At United Guaranteed Mortgage Company, we offer innovative loan programs to help you better serve your borrowers. If your clients have non-traditional income sources, our Bank Statement Program can help you get them the lending they need to achieve their real estate goals.
What’s the UGMC Bank Statement Program all about? It’s a program to help you provide loans for your non-traditional borrowers. Instead of requiring documentation like pay stubs or tax returns, it’s based on the borrowers’ monthly deposits.
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.