Bank Statement Programs

Qualify without having to show tax returns. These loans are perfect for self employed people who take advantage of as many deductions as possible, because your tax returns are not considered.

In short, we use your bank statement deposits to prove that you have the ability to repay. It makes perfect sense but it does require the guidance of a professional who specializes in this type of program and can anticipate the issues that would keep an applicant from qualifying.we are those professionals. We have originated, and completed hundreds of these types of programs over the last three years, focusing almost entirely in this area for our clients.

Bank statement loans are popular with the following types of borrowers:

• Business owners
• Freelance employees
• Consultants
• Contract workers
• Independent contractors
• Sole proprietors
• Gig economy workers
• Realtors
• Entrepreneurs
• Retirees

What are the Differences Between a Bank Statement Loan and a Traditional Home Loan?

Bank Statement Loans

• These loans are built for people who do not have W2 jobs such as business owners, realtors, consultants, restaurant owners, and gig economy workers (with a valid business license).
• These loans allow the borrowers to use bank statements as the form of proof that they are able to pay back the loan amount.

Advantages of a Bank Statement Loan

In summary, these are the advantages of a bank statement loan:

• The lender does not need to look at your tax returns or tax transcripts.
• Your income statements are made up of regular monthly income deposits.
• The lender can look at 12 or 24-month bank statements.
• If you own a business, you can show 24 months of business statements and a P&L statement for the same period. A P&L statement (profit and loss statement) is prepared by a Certified Public Accountant. Not all business owners will be required to present one.
• You can get a bank statement home loan for as little as 10 percent down.
• You can do a cash-out refinance loan of up to 85 percent of the value of your property.
• You can borrow up to $5 million.
• Typically, bank statement lenders will accept a debt to income ratio of a maximum 55 percent.
• You have the option of a fixed-rate or adjustable mortgage.
• You may have the option of interest-only