Bank Statement Mortgage Loan Programs

Designed for self-employed borrowers who may not have the traditional W-2 income documentation to qualify for a loan. Instead of W-2s, the lender uses the borrower's personal or business bank statements to verify income.

Bank Statement Mortgage Loan Highlights

• Self-employed borrowers: Bank statement loans are designed for self-employed borrowers, including sole proprietors, partnerships, and LLCs, who may not have the traditional W-2 income documentation.
• Income verification: Bank statement loans use the borrower's personal or business bank statements to verify income, instead of W-2s. This allows self-employed borrowers to qualify for a loan, even if they have a fluctuating income or high deductions.
• Loan amount: Bank statement loans can offer loan amounts up to $5 million, making them ideal for higher-end properties or expensive real estate markets.
• Loan terms: Bank statement loans are typically available with 15- or 30-year terms, although other options may be available.
• Fixed or adjustable rate options: Bank statement loans offer both fixed and adjustable rate options, allowing borrowers to choose the best option for their financial situation and goals.
• Underwriting requirements: Bank statement loans require a thorough underwriting process, which considers the borrower's bank statements, credit score, and debt-to-income ratio.