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Bank Statement Loans
Bank statement loans offer a flexible financing solution for self-employed borrowers who may not qualify through traditional income documentation. By using your bank statements to verify income—instead of tax returns—these loans provide a clear path to homeownership based on your actual cash flow.
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Bank Statement Loan Information
Bank statement loans are a flexible mortgage solution designed for self-employed individuals, business owners, and retirees who don’t fit the mold of traditional income verification. Instead of relying on W-2s or tax returns, these non-qualified mortgage (Non-QM) loans allow you to qualify based on consistent deposits shown in your bank statements. This approach makes home financing more accessible for those with complex or non-traditional income streams—without compromising on loan options or competitive terms.
The qualification process is simple but different from a standard mortgage:
- You'll provide 12 to 24 months of personal and/or business bank statements to demonstrate income.
- Lenders will review your average monthly deposits and assess your business’s stability by considering factors like industry type, expenses, and number of employees.
- If you're using both personal and business accounts, you'll need to submit statements for each.
- Depending on your credit score, you may need to make a higher down payment. While a minimum score of 620 is typically required, scores of 700+ can unlock better rates and terms.
Bank statement loan programs vary depending on the lender and your financial profile. Here’s what you can expect:
- Minimum Requirement: Most programs require at least 12 months of bank statements; some may accept fewer, while others may offer improved terms for 24 months of documentation.
- Business vs. Personal Statements: Some lenders prefer business statements, while others may accept personal ones. If only personal statements are provided, lenders may use a reduced percentage of deposits to determine qualifying income.
- Additional Documentation: In some cases, a Profit & Loss (P&L) statement—prepared by a tax professional—may be required to support your application.
If you’re self-employed and looking for a mortgage that understands how you earn, a bank statement loan could be the right fit. It’s a practical, flexible option that puts your financial reality front and center—so you can move forward with confidence.
At Bravo Mortgage, we’re here to guide you through every step and help you find the lending solution that aligns with your goals. Let’s get started.
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