bank statement Loans

What is a bank statement loan — not to be confused with a stated income or no income loan. Unlike a Conventional Mortgage you won’t be required to provide traditional documents, like W-2s and tax returns. Instead your income will be calculated from the deposits into your personal or business bank accounts. Generally speaking  good candidates for bank statement loans include small business owners, entrepreneurs, freelancers and gig workers.

Because Bank Statement loans are Non Conforming the guidelines and requirements will vary from one lender to another.  In most cases you will need to provide 12 or 24 months of bank statements to prove your income. Borrowers with an ITIN or Foreign Nationals may qualify for Bank Statement Loans. 

 Depending on your credit score, you might also need to make a larger down payment. Generally, you can qualify for a bank statement loan with a score as low as 620, but a 700 or higher gets you a better rate and terms.