Bank Statement Loans
Bank Statement Loan Programs are designed for self-employed individuals, freelancers, gig workers, and small business owners who may not qualify for traditional mortgages due to non-traditional income documentation. Instead of relying on W-2s or tax returns, this program uses your personal or business bank statements to verify income, making homeownership more accessible for those with variable or complex income streams.
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Key Features
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Qualify using 12 to 24 months of personal or business bank statements instead of tax returns or pay stubs
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Minimum credit score requirements typically start at 620–700, with better terms for higher scores
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Down payments as low as 10%, though some lenders may require more based on your profile
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Debt-to-income ratios up to 50% are accepted by many lenders
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Loan amounts can range from $150,000 up to $3 million or more, depending on eligibility
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Available for primary residences, second homes, and investment properties
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Both fixed-rate and adjustable-rate options available
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Streamlined approval process with less emphasis on traditional employment verification10
Eligibility:
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Must provide 12–24 months of consecutive bank statements showing consistent deposits
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At least two years of self-employment or business ownership is typically required
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Proof of business ownership or a professional license may be needed
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Sufficient cash reserves as specified by the lender
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Minimum credit score, generally 620–700 depending on the lender
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Down payment of at least 10% of the purchase price