A Bank Statement loan is a home loan program designed for self-employed/ business owners. For qualification purposes, the lender uses the deposits made into the business owner’s account as the source of income for qualification purposes, instead of using the applicant’s tax returns
The primary difference between these loan types is that the applicant qualifies based on the deposit income in the bank statements, rather than the applicant’s tax returns.
This program allows personal or business bank statements to calculate income without requiring tax returns.
Loans from $150,000 to $3 million
Two years seasoning required for foreclosure, short sale, bankruptcy or deed-in-lieu
Available for purchase, cash-out or rate-term refinance
Primary, second home, or investment properties
Single family, townhomes, or condos
12 or 24 months business or personal bank statement submissions
1099 income option available
Non-warrantable condos allowed
Two years of self-employment required
40 year fixed interest-only available*
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I represent clients who authorize me to do so. I do not work for or represent the interest of any mortgage lender or other duly authorized entity to whom I may submit a mortgage application on behalf of a Client. My services are provided in a Mortgage Broker capacity and I am not authorized to approve or deny a mortgage loan request. NMLS 1691763 / NMLS 1322774