First National's 6-month Mortgage Hack for Entrepreneurs

As any mortgage pro can attest, income on tax documents doesn't always reflect a borrower's true financial capacity. For entrepreneurs, write-offs, erratic cash flows, and lack of declared income can make traditional income docs as useful as a helicopter ejector seat.

That's why many alternative lenders swap NOAs and T1s for bank statements when vetting income. Such programs have been getting more challenging, however.

Take six-month bank statement programs, for example, which is where lenders annualize income based on a half year of cash flow—as evidenced by the borrower's bank statements. These flexible programs have been a dying breed at institutional lenders. But First National has brought the program back to life, at least for a while.

Its Excalibur alternative lending channel has a zesty new 6-month bank statement promo called "BFS6." We snagged time with EVP Scott McKenzie to dive into its significance.