Questiin about Bank Statement Loans

[Matt McElravy]

Does any one have experience with Bank Statement Loans? Im a self employed IT contractor and it's time for us to buy our next house hack. I have over 2 year's tax returns but I have some heavy write offs that make me look poor to lenders :-). I used tax returns to get an FHA loan on our first duplex but had to claim fewer right offs to do it. I'd rather keep my right offs if possible. Bank Statement Loans seem to be a good option for staying as close to traditional lending as possible. Thanks in advance for your help.

[Chris Mason]

Originally posted by @Matt McElravy:

Does any one have experience with Bank Statement Loans? Im a self employed IT contractor and it's time for us to buy our next house hack. I have over 2 year's tax returns but I have some heavy write offs that make me look poor to lenders :-). I used tax returns to get an FHA loan on our first duplex but had to claim fewer right offs to do it. I'd rather keep my right offs if possible. Bank Statement Loans seem to be a good option for staying as close to traditional lending as possible. Thanks in advance for your help.

 The bank statement "Alt-QM" (formerly known as subprime) stuff is pretty dang liberal with their income calculation, but the risk is baked into the rate. Split the difference between hard money, and the Fannie rate you see advertised everywhere, and that's about what you can expect this to come in at (typing it like that so people reading this 2 years from now will have something useful).