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Bank Statement Loans
Use bank statements instead of tax returns to qualify.
10%
Min. Down Payment
620+
Min. Credit Score
50%
Max DTI
Overview
Bank statement loans allow self-employed borrowers to qualify using 12-24 months of personal or business bank statements instead of traditional tax returns. This is ideal for business owners who take significant tax deductions, making their reported income appear lower than their actual earnings.
Key Benefits
- Use bank statements instead of tax returns
- Personal or business statements accepted
- 12 or 24-month statement programs
- Self-employed borrowers welcome
- Competitive rates for alternative documentation
Requirements
- 112-24 months of bank statements
- 2Must be self-employed for 2+ years
- 3Minimum credit score of 620
- 4Down payment of 10-20%
- 5CPA letter or business license may be required
Frequently Asked Questions
How do bank statement loans work?+
Instead of using tax returns to verify income, lenders analyze 12-24 months of your bank statements to calculate your average monthly deposits. A percentage of those deposits (typically 50-100% for personal, 50% for business) is used as qualifying income.
Who qualifies for a bank statement loan?+
Bank statement loans are designed for self-employed individuals, business owners, freelancers, and independent contractors who have been self-employed for at least 2 years.
Are bank statement loan rates higher than conventional?+
Yes, bank statement loan rates are typically 0.5-1.5% higher than conventional rates. However, they provide access to homeownership for self-employed borrowers who can't qualify with traditional documentation.
Interested in Bank Statement Loans?
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