Bank Statement Loans

Are you self-employed and having difficulty qualifying for a mortgage because your tax returns don’t reflect your actual cash flow? A bank statement loan may provide another way to qualify for a home purchase or refinance.

Traditional mortgages typically use tax returns, W-2s, or other standard documentation to determine qualifying income. Bank statement loan programs can instead analyze deposits into your personal or business bank accounts over a specified period to help establish income.

These programs can be particularly useful for business owners, independent contractors, consultants, freelancers, entrepreneurs, and other self-employed borrowers who take legitimate business deductions that reduce their taxable income.

As a mortgage broker with access to more than 160 lending sources, I can compare bank statement programs from multiple lenders to find options based on your specific financial situation. Requirements vary by lender and may include different credit scores, down payments, reserve requirements, expense calculations, and documentation periods.

If your bank has told you that you don’t show enough income on your tax returns, don’t assume that means you can’t qualify for a mortgage. Let me review your bank statements and see what options may be available.