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If you are self employed and you cannot document your income with your last 2 years of tax returns because you take alot of write offs, it is possible to refinance or purchase a home by documenting your income with 24 months of personal bank statements. The maximum LTV is 90% on a purchase transaction for primary residence. For a refinance, you can go to 85%. You can do this with only a short 3 years after a foreclosure. If your business is a sole proprietorship, you can also use 24 months of business bank statements. It is also possible to document with a p&l statement and CPA letter stating that you have been in your line of work for at least 2 full years. The mortgage product for this loan is a 5/1 ARM and is in the mid 5%'s. You will need to have some reserves in the bank of at least 6 months reserves for your home and an additional 3 months for each other financed property that you own.
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