Angel Oak - Business Bank Statement Elite
Best For: Flexible Terms, Cash-Out
30 year fixed loans from $150k - $3 Million.
Program Description
Angel Oak's Business Bank Statement Elite presents an optimal choice for self-employed individuals seeking an alternate way to verify their business's genuine cash flow. Full ownership of the business is not required. Allows up to 90% LTV while using business bank statements to calculate the borrowers income versus using traditional tax returns and W-2s.
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Angel Oak - Business Bank Statement Elite
Min. Credit Score
660
Min. Down Payment
10%
Max Loan Amount
$3,000,000
Qualification variables shown here are for 1-Unit Primary Residences, and loan amount ranges vary based on US County. Register Now to see if this loan program is a good fit for you, find your county limits, and find more options for purchasing a home.
Pros & Cons
- Utilizes business bank statements to calculate a borrower’s income
- Credit scores starting at 660
- Purchase and cash-out or rate-term refinance
- 40 year interest only available
- Two years self-employed required
- Two years seasoning for foreclosure, short sale, bankruptcy or deed-in-lieu
Program Availability
Angel Oak - Business Bank Statement Elites are available in 46 states, and Washington D.C..
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“Ideal for self-employed individuals with great credit history seeking an alternative approach to demonstrate the accurate cash flow of their business."
Occupancy & Property Types
Qualification factors for this program can vary based on how you intend to occupy the property and what type of property you are purchasing. By registering for a free account , you can check program limits for all property and occupancy types.
Occupancy Types
Available Property Types for Primary Residence
Income & Purchase Price Limits
Your Debt-to-Income Ratio (DTI), as well as purchase price and income limits, are important factors when qualifying for a home loan program. By registering for a free account , you can find the exact program limits for this program and others in your area and for your unique scenario.
Debt-to-Income Limit
No Limits
Purchase Price Limit
No Limits
Income Limit
No Limits
Annual Qualifying Income
Qualification variables shown here are for 1-Unit Primary Residences, and loan limit ranges vary based on US County. Amounts may be rounded. Exact amounts can be accessed by registering for a free account.
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Key Features
- Loans up to $3 million with a minimum of $150,000
- Owner-occupied and second homes allowed
- 12 or 24 months business bank statements only
Additional Conditions
- Self- Employed borrowers can own as little as 50% of the business.
- Most loans will be qualified on an expense factor of 50%. Companies with a lower expense factor will require a statement from a third party CPA or tax preparer.
Other Limitations
In some circumstances, there are specific requirements you must meet or homebuyer education courses you must attend in order to be eligible for the loan program.
No other program limitations
A Homebuyer Education Class is not required for this loan program.
Mortgage Insurance & Fees
Most mortgage programs require mortgage insurance when you are financing more than 80% of the purchase price or appraised value. Some programs may also have an associated funding fee, paid at the time of closing, or an annual fee. Learn all about the different fees here.
No Mortgage Insurance
This program does not require Private Mortgage Insurance (PMI).
Type: No Funding Fee
This program does not have a funding fee.
Type: No Annual Fee
This program does not have an annual fee.
Estimated Closing Costs: 3%
These amounts are just an estimate. Your closing costs include things like loan origination fees, discount points, appraisal fees, title insurance, taxes, deed recording fees, and other charges.
Similar Loan Programs
If you think this home loan program may be a good fit for you, you may also want to check out the following programs that share many similarities with the current program.
Angel Oak - Asset Qualifier Mortgage Loan
Best For: Flexible Terms, Large Loan Amounts, High Credit Scores, Cash-Out
30 year fixed loans from $250k - $3 Million.
Angel Oak - ITIN Mortgage Loan
Best For: Flexible Terms, Large Down Payments, Low Credit Scores
30 year fixed loans from $150k - $3 Million.
Related Resources
Why Bank Statement Loans are Great for Self Employed Borrowers
Bank statement mortgage loans allow self-employed borrowers to purchase or refinance a home without the use of traditional income documentation, instead utilizing personal and business banking statements to quality.
Read More
Unlocking Homeownership: No Down Payment Mortgage Programs for Renters
Transitioning from renting to owning a home can seem daunting, especially when considering the traditional down payment requirements. However, several mortgage programs offer no down payment options, making homeownership more accessible for renters. This article delves into these programs, providing insights to help you find the best fit for your journey to owning a home.
Read MoreVisit our Mortgage Education Center for more resources.
* Some loan programs may not be offered by all featured lenders of ReviewMyMortgage.com and qualification guidelines may vary between them. Our team makes their best effort to keep loan program information up to date. Loan programs may change without warning. ReviewMyMortgage.com does not guarantee or offer any loan products. ReviewMyMortgage.com is strictly an educational resource hub for consumers
ReviewMyMortgage.com is in no way affiliated with the companies or institutions listed here.
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