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9.5 Flashcard Deck

Amanda Ukasick

Created on November 27, 2024

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Transcript

What is the main focus of bank statement loans in assessing a borrower's financial health?

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cash flow.

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Why do many self-employed individuals have trouble qualifying for traditional mortgages?

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significant write-offs reducing their taxable income.

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How are bank statement loans different from traditional mortgages in evaluating self-employed income?

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they consider gross deposits.

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A bank statement loan typically evaluates a borrower's income over how many months?

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12-24 months.