Bank Statement Loans
Bank Statement Loans allow qualified borrowers to provide their personal or business bank statements in lieu of tax returns to qualify for a mortgage. These loans enable self-employed borrowers to provide alternative income documentation, making it easier to qualify for a mortgage.
A Valuable Mortgage Option for Self-Employed Borrowers
As a self-employed borrower, it can be challenging to qualify for a mortgage. Traditional lenders require tax documents and income verification that can be difficult to provide when you’re self-employed. Our team understands the unique challenges faced by self-employed borrowers and offer Bank Statement Loans as a valuable mortgage option.
Available for Primary and Secondary Homes, Investment Purchases, and Refinances
- Whether you are in the market for a primary residence, a vacation home, or an investment property, a Bank Statement Loan may be a good option for you. These loans can be used for both primary and secondary homes, allowing borrowers to purchase the property of their choice without the added stress of income documentation. This means that borrowers can invest in a property that meets their needs, without worrying about the usual income requirements that can make it difficult for self-employed individuals to qualify for a mortgage.
- In addition to primary and secondary homes, Bank Statement Loans are also available for investment properties and refinances. This makes it a versatile option for borrowers looking to grow their real estate portfolio or to refinance their existing properties. With the ability to use bank statements to demonstrate income, borrowers can take advantage of the benefits of real estate investing without the added stress of income documentation.
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Benefits of Bank Statement Loans
Here are some of the benefits for self-employed borrowers:
1. No Tax Returns Required
Bank Statement Loans do not require traditional tax documentation. Instead, qualified borrowers can provide their personal or business bank statements to prove their income.
This makes it easier for self-employed borrowers to qualify for a mortgage.
2. Business Write-Offs
Self-employed borrowers can continue claiming business write-offs without losing mortgage eligibility. With traditional mortgage loans, claiming business write-offs can make it more challenging to qualify for a mortgage.
Bank Statement Loans allow self-employed borrowers to continue claiming business write-offs and still qualify for a mortgage.
3. No Mortgage Insurance
Required Bank Statement Loans allow borrowers to go up to 90% Loan-To-Value (LTV) without having to pay mortgage insurance.
This means borrowers can keep their monthly payments lower and save money over the life of the loan.
How to Qualify for Bank Statement Loans
Here are some of the qualifications:
Minimum FICO Credit Score of 640
One of the essential requirements for qualifying for a bank statement loan is a minimum FICO credit score of 640. This credit score requirement ensures that the borrower has a good credit history and is likely to repay the mortgage loan. However, unlike other traditional loans, bank statement loans don’t rely solely on credit scores to determine eligibility. Instead, they take a holistic view of the borrower’s financial situation, including bank account balances, cash flow, and income stability.
In addition to the minimum credit score requirement, bank statement loans also require borrowers to provide a minimum number of bank statements. Lenders typically require at least 12 months of personal or business bank statements to evaluate the borrower’s income stability and ability to repay the loan. The minimum number of bank statements required may vary depending on the lender’s guidelines and the borrower’s financial situation.
Overall, bank statement loans offer a unique financing option for self-employed borrowers who may not have a regular income stream or traditional income documentation. With a minimum FICO credit score of 640, these loans make it easier for self-employed borrowers to qualify for a mortgage while providing a more holistic view of the borrower’s financial situation.
Loans Up to $3 Million
Bank Statement Loans offer borrowers a unique option for obtaining a mortgage up to $3 million. This option is particularly valuable for borrowers looking to purchase high-end properties that require a higher loan amount.
With Bank Statement Loans, borrowers can qualify for a mortgage up to $3 million by providing their personal or business bank statements, instead of tax returns. This can be a huge advantage for borrowers who may not have the necessary income documentation to qualify for a traditional mortgage.
Not only do Bank Statement Loans provide borrowers with an alternative way to qualify for a mortgage, but they also offer flexibility in terms of property types. These loans can be used for primary and secondary homes, investment properties, and refinances.
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If you’re a self-employed borrower looking for a mortgage, contact us today to see if a Bank Statement Loan is right for you. We’ll help you find the right mortgage solution to fit your unique needs and provide you with the personalized service you deserve.
What Our Clients Say...
Simple Self-Employed Financing
Bank statement loans are a unique financing option that has been designed specifically for self-employed borrowers who face difficulty in qualifying for a mortgage due to the lack of traditional income documentation.
These loans require borrowers to provide bank statements as proof of income instead of the typical W-2 or tax returns. This makes it easier for self-employed borrowers to apply for a mortgage, as they may not have a regular paycheck or may have a variable income stream.
Investment Friendly
Bank Statement Loans provide borrowers with a flexible and accessible way to finance a wide variety of properties, making it a valuable option for self-employed individuals looking to enter the real estate market or expand their investment portfolio.
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Discover your mortgage options by filling out the form on this page or contact us today.
