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Andrade Real Estate Services

Primary Residence

  • Primary Residence
  • Non-QM
  • 600 Min FICO
  • 10% Min Down

The 12-Month Bank Statement Program is built for self-employed borrowers who can’t qualify with traditional tax returns. Instead, income is verified using 12 months of consecutive personal or business bank statements—100% of personal deposits or 50% of business deposits (higher with a CPA letter). With loan amounts up to $4 million, LTVs up to 90%, and DTIs up to 50.49%, this program offers flexible options for purchases, refinances, and cash-out transactions.

 

This program is ideal for buyers who:

  • Are self-employed and have difficulty qualifying with tax returns.
  • Can provide 12 months of personal or business bank statements.
  • Need higher LTVs (up to 90%) with flexible DTI limits (up to 50.49%).

Property Type

Credit Score

Min Down

Max LTV

Notes

SFR (1 unit), Condominium

700+

10%

90%

Case-by-case approval. Owner-occupied only. Higher rates apply to non-warrantable condos.

SFR (1 unit), Condominium

660 – 699

15%

85%

Same as above.

SFR (1 unit), Condominium

640 – 659

20%

80%

Same as above.

SFR (1 unit), Condominium

620 – 639

25%

75%

Same as above.

SFR (1 unit), Condominium

600 – 620

30%

70%

Same as above.

SFR (2-4 units)

660+

15%

85%

Case-by-case approval. Owner-occupied only.

SFR (2-4 units)

640 – 659

20%

80%

Same as above.

SFR (2-4 units)

620 – 639

25%

75%

Same as above.

SFR (2-4 units)

600 – 620

30%

70%

Same as above.

Manufactured Home (Doublewide+)

600+

35%

65%

Doublewide or larger, built after 6/15/76, on a permanent foundation.

ITIN

700+

25%

75%

Case-by-case approval. Owner-occupied only. Higher rates apply to non-warrantable condos.

ITIN

660–699

30%

70%

Same as above.

ITIN

640–659

35%

65%

Same as above.

Occupancy Requirement

Primary residence


Borrower must intend to occupy the property.

Note


Second homes and investment properties are not included in this matrix.

First Time Buyer

Requirement


  • First-time homebuyers with 12 months verified rent history may exceed 70% LTV with a maximum back-end DTI of 50.49%.

Notes


  • Non–first-time homebuyers may qualify with a maximum back-end DTI of 50.49% under the Non-Prime program.
  • First-time homebuyers without 12 months of verified rent history, or those not currently paying rent, are limited to 70% LTV and a maximum back-end DTI of 43%.

Residency Eligibility

Eligible


  • Valid SSN — must have a valid Social Security Number (SSN).
  • Permanent residents — must provide a valid, unexpired Green Card.
  • Non-permanent residents — eligible with valid visa or Employment Authorization Document (EAD).
  • Individuals with work permits — must provide unexpired documentation.
  • ITIN borrowers — must provide IRS ITIN assignment letter plus valid U.S. government-issued photo ID (driver’s license, passport, etc.).

Ineligible


  • Foreign nationals who do not reside in the U.S. are ineligible.
  • Borrowers without a social security number, or with a number that cannot be validated through the SSA are ineligible.
  • Borrowers with diplomatic immunity are ineligible.
  • Borrowers with expired residency or ID documentation are ineligible.
  • Borrowers previously convicted of mortgage fraud are ineligible.

Income Consistency Requirements

Employment History


  • 12 months consecutive personal or business bank statements required.
  • Personal statements: 100% of deposits counted as income.
  • Business statements: 50% of deposits counted unless a CPA letter verifies lower expenses (up to 90% of deposits allowed, minimum 10% expense factor).
  • Self-employed borrowers must show 2 years in same industry (license, permit, or CPA verification).
  • LOE required explaining business setup, income, and accounts used if multiple.

Notes


  • A business license, permit, or CPA letter confirming the business has been operating for 2 years or more is required.
  • Up to 3 bank accounts may be used (must be consecutive, cannot mix personal and business).
  • Must provide LOE describing business name, setup (LLC, Sole Prop, etc.), nature of business, employees, and monthly income.
  • Maximum 6 returned checks for insufficient funds in the last 12 months (waived if ≤ 80% LTV and ≤ $1.5M).
  • Large deposits outside average must be sourced.
  • No 4506 or P&L required.
  • All account holders must be on loan/title (exceptions case-by-case).
  • Rental history may be used as tradeline if documented with VOR or canceled checks.

Income Type

Requirement

Documentation

Bank Statement (Personal)

12 months required.

12 months consecutive statements; all pages.

Bank Statement (Business)

12 months required.

12 months consecutive statements; all pages + CPA letter if using >50% of deposits.

All Types

Proof of business.

In addition, a business license, permit, or CPA letter is required to confirm the business has been operating for 2 years or more. If a CPA letter is used, the CPA does not need to be the borrower’s personal CPA, provided they have reviewed the borrower’s business documentation, and must include proof of certification (CPA license or CTEC verification).

Down Payment Funds

Eligible Sources


  • Borrower’s own funds,
  • Large deposits,
  • Gift funds from family,
  • Retirement (401k / IRA),
  • Sale of assets.

Requirements


  • A borrower may not combine different account types, statements must be entirely personal or entirely business,
  • All individuals listed on the bank statements must also be included on the new loan and on title,
  • Minimum 2 months bank statements to verify assets,
  • Large deposits must be sourced,
  • Gift funds allowed with gift letter + proof of transfer (no seasoning required),
  • Retirement funds require withdrawal terms + statements,
  • Asset sales require bill of sale + proof of deposit.

Gift Funds

Eligible Donors


Allowed for down payment and/or closing costs from acceptable sources such as:


  • Spouse or domestic partner,
  • Parent, step-parent, or foster parent,
  • Child, step-child, foster child, or adopted child,
  • Brother or sister, step-sibling, foster sibling, or adopted sibling,
  • Grandparent, great-grandparent, step-grandparent, foster grandparent, or grandchild,
  • Aunt, uncle, niece, nephew, or cousin,
  • In-laws, future in-laws, fiancé or fiancée, ex-spouse, or former relative,
  • Relative of a domestic partner,
  • Godparents.

Ineligible Donors


Not allowed as sources of down payment or closing cost funds:


  • Client’s employer,
  • Builder or contractor,
  • Developer.

Reserves

Requirement


  • 12 months reserves if LTV exceeds 90%.

Note


  • 6 months reserves if LTV exceeds 75%.
  • No reserves when LTV is 75% or below.

Loan Amounts

Minimum Loan Amount


  • $100,000.

Maximum Loan Limits


  • $1,000,000 (ITIN program),
  • Up to $4,000,000 considered case-by-case (Owner-occupied only).

Non-Occupant Co-Borrowers

Eligibility


  • Allowed on primary residence purchases,
  • Must be on title and loan,
  • Income, assets, and liabilities are included in qualification,
  • All individuals listed on the bank statements must also be included on the loan and title (case-by-case exceptions possible).

LTV Limits & Exceptions


  • Non-occupant co-borrowers do not increase the allowable LTV.

Property Types

Eligible


  • SFRs (Single-Family Residences),
  • 2–4 Units (must occupy one unit),
  • PUDs (attached/detached),
  • Condominiums (attached/detached; warrantable only. Non-warrantable considered case-by-case),
  • Manufactured Homes (doublewide or larger, built after 6/15/76, on a permanent foundation; moved homes allowed if DMV title is retired).

Ineligible


  • Manufactured Homes (Singlewide, or built before 6/15/76, or no permanent foundation, or parks/subdivisions with lot rent.)
  • Non-Warrantable Condominiums (if >50% investor-owned, >15% HOA delinquencies, litigation, or >25% single-entity ownership; unless approved case-by-case),
  • Condo Hotels or Motels (projects operated as hotel/motel, hotel/motel conversions),
  • Commercial property,
  • Vacant land or land development properties.

Third Party Contributions

Maximum Contribution


Seller:

  • 3% max: LTV > 80%,
  • 6% max: LTV ≤ 80%.

Real Estate Agent / Loan Officer:

  • Total seller + non-seller contributions cannot exceed 6% (≤ 80% CLTV) or 3% (> 80% CLTV),
  • Contributions cannot exceed the borrower’s actual closing costs (NRCC).


Allowed Uses


  • Closing costs,
  • Prepaid items,
  • Discount points,
  • Buydown escrows.

Disclaimer – This matrix was published on 09/20/2025. Program guidelines may have changed since then. Please contact Alexis to confirm the most current requirements. For complete details, refer to the Partner Matrices PDF or reach out directly to Alexis for program-specific guidance.

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Contact Loan Officer

Alexis Andrade
Mortgage Loan Officer
NMLS #2553405
alexis@sjmorganple.com