Northpointe’s bank statement program makes home financing simpler for self-employed borrowers. Borrowers may be able to qualify for a home loan using alternative documentation of 24 months personal or business bank
account statements.
Program features:
Eligible for primary or secondary home
Fixed and variable rate options available
Eligible borrowers must be self-employed for 2 years
Eligible for Loan Amounts up to $1M
Loan to value up to 85%
Minimum credit score of 680 and no derogatory event in the past 4 years
Accountant prepared profit and loss statement is not required
No minimum expense ratio
Streamlined Income calculation utilized: Sum of 24 months of total deposits minus 24 of total withdrawals times percent ownership plus personal distributions
You are responsible for ensuring that the materials provided by the Bank, as customized by you, are in compliance with all applicable federal, state, and local laws and regulations. Examples include, without limitation, requirements such as the addition of the federal “Equal Housing Lender” notice/logo and the user’s Nationwide Mortgage Licensing System (“NMLS”) number.
You must add your organization’s name and/or logo.
Except for customizing in accordance with this Agreement and the customization instructions, the materials may not be altered in any way. The artwork, the Bank’s brand, and trademarks are the exclusive intellectual property of the Bank. No rights in the Bank’s intellectual property are conferred on you by this Agreement. The materials may not be used for any other purposes or placed into other documents, and the materials cannot be distributed or published externally via e-mail or online.
All marketing materials for the Bank’s loan products, including but not limited to materials posted on our Correspondent web page, may be used only by mortgage lending professionals solely for the purpose of marketing mortgage products offered by the Bank. By using these materials, you represent that you or your company is a validly licensed mortgage broker or lender, or a Bank chartered in the United States or its territories and in good standing.
Alterations to the description of Bank loan products is strictly prohibited, and may subject the user to potential legal or regulatory liability and fines. The Bank will not honor the terms of any representation that does not conform completely to the Bank’s product offerings.
If the materials include any intellectual property, including but not limited to logos, photos, images or contact information that belong to any party other than the entity executing this Agreement, you are responsible for obtaining that party’s written consent and permission to reproduce or use such intellectual property.
All marketing materials provided by the Bank shall be used only by the entity executing this Agreement. This Agreement grants the entity a limited, non-transferable license revocable at will at the sole discretion of the Bank. Unauthorized alterations, actual or alleged violations of applicable laws or regulations, or omissions of legally required content shall result in automatic revocation of this limited license.
You agree to indemnify, defend and hold the Bank, its parent company, subsidiaries, directors, officers, employees and agents harmless from any third-party claims, lawsuits, demands, damages, losses, settlements, administrative or agency proceedings, judgments and verdicts, including attorneys’ fees and costs, arising from or related to your violation of the terms of this Agreement, including but not limited to unauthorized alterations, actual or alleged violations of applicable laws and regulations, or omissions of legally required content.
Whether in the materials provided under this Agreement or otherwise, you will not misrepresent your relationship with the Bank or present false or misleading impressions about the Bank’s products or services.
You will not issue any press release or public announcement on the basis of this agreement without the Bank’s prior written approval.
These materials are provided as-is and without any warranty of any sort.
You may print an unlimited number of copies of these materials.
All loans are subject to credit review and approval. This is not a commitment to lend.
