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Bank Statement Loans are a type of mortgage designed for borrowers who may not qualify for traditional loans due to non-traditional income documentation. Instead of using tax returns, W-2s, or pay stubs, lenders evaluate the borrower’s income based on personal or business bank statements.
These loans are commonly used by self-employed individuals, freelancers, business owners, and independent contractors whose actual cash flow is higher than what is shown on their tax returns due to deductions.
These loans are commonly used by self-employed individuals, freelancers, business owners, and independent contractors whose actual cash flow is higher than what is shown on their tax returns due to deductions.
Bank Statements
Personal or business bank statements for the past 12–24 months.
Lenders use these to calculate average monthly income.
Employment or Business Verification
For self-employed borrowers, proof of business ownership or income may be required.
Sometimes a letter from an accountant or CPA is needed.
Identification
Government-issued photo ID such as a driver’s license or passport.
Credit Report Authorization
Permission for the lender to check your credit history and score.
1
Flexible Income Verification:
• Ideal for self-employed, freelancers, and business owners who cannot provide traditional income documents.
2
Access to Financing:
• Helps borrowers with non-traditional income qualify for mortgages.
3
Shorter Documentation Process:
• Fewer requirements compared to conventional loans, focusing mainly on bank statements.
Use our Payment Calculator to estimate your monthly mortgage payment. You can input a different home price, down payment, loan term and interest rate to see how your monthly payment changes.
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Welcome to our comprehensive guide to the loan process. Whether you’re a first-time homebuyer or experienced investor, understanding the steps involved in securing a loan is crucial. We’re here to simplify this journey for you.
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