BD MORTGAGE GROUP will accept Personal or Business Bank Statements. However, qualifying income will be calculated differently. Click here for calculation form.
Add all deposits for all 12 or 24 months and divide that amount by 12 or 24 respectively to receive the monthly income amount we will apply as the borrower’s qualifying income.
Ex. 24 months deposits total = $200,000 / 24 = $8,333 a month income.
Ex. 12 months deposits total = $100,000 / 12 = $8,333 a month income.
Add all deposits for all 12 or 24 months, divide by 2, and then divide by 12 or 24 respectively to receive the monthly income amount we will allow for the borrower.
Ex. 24 month deposit total = $500,000 / 2 = $250,000 / 24 = $10,333 per month income. Only 50% is used because we have to assume the business has overhead.
Personal & Business Guidelines
*Transfers may be accepted for business statements when they come from credit card clearing houses (examples: Paypal, Square, AMEX, etcetera). Reviewed for acceptance on a case-by-case basis, and must be considered normal for the company.
**Multiple accounts are considered on a case-by-case basis when (a) one account is closing and reopening new account, or (b) for Business accounts that are two different and autonomous businesses.
This is not a commitment to lend. Prices and guidelines are subject to change without notice. Some products may not be available in all states. Subject to review of credit and/or collateral; not all applicants will qualify for financing. It is important to make an informed decision when selecting and using a loan product; make sure to compare loan types when making a financing decision