Once the borrower accepts the loan offer, the underwriter will complete the final steps of the underwriting process, such as ordering a property appraisal and verifying the borrower’s income and employment.
Once all of these steps are complete, the loan will be considered fully underwritten and ready to be funded.
However, it’s important to note that not all borrowers will qualify for a bank statement loan, and the underwriter may still reject a loan application if the borrower’s bank statements show inadequate cash flow or other red flags.
In conclusion, a bank statement loan is underwritten based on the income and expenses reported on the borrower’s bank statements. This type of loan is often used by self-employed borrowers or those with irregular income
Talk to one of our mortgage professionals today and find out if we can help you complete your bank statement loan.
To learn more about Bank Statement for Self Employed Loans call (800) 254-3150 Aceland today and ask to speak with one of our knowledgeable mortgage professionals. We look forward to serving you!
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