Bank Statement Loans for Self-Employed Borrowers
What is a Bank Statement Loan?
Bank Statement loans are often a great mortgage option for eligible self-employed borrowers… This program uses the borrower’s personal or business bank statements to help calculate their income without requiring tax returns and W-2s. A bank statement loan is a relatively new loan for the self-employed borrower. The most common borrower that benefits from the bank statement loan is a self-employed borrower.
What are the requirements for getting a Bank Statement Loan?
- 10% Down Payment for purchases and 90% LTV for refinances.
- 15% Down up to $3,000,000 Loan Amounts.
- Minimum Loan Amount $200,000.
- Purchase or Refinance and Cash-out.
- Primary residence and second homes only.
- No PMI
- Up to 50% DTI
- 30-Year Fixed or ARM Rates.
- 3, 12, and 24 Month Bank Statements options.
- Personal or Business Bank Statements or 1099’s.
- Must be Self Employed for at least 2 years.
- No tax return requirements or filing are required.
- No Income Verification Loans are available for Investors.
- No Income Verification Loans for Primary Residences & Second Homes.
Three-month bank statement loans
Qualify on 3 months’ most recent bank statements. The account must show a positive balance and the CPA must verify it.
Personal bank statement loans
Qualify on 12 or 24 months personal bank statements. We count 100% of deposits as income.
Business bank statement loans
Qualify on 12 or 24 months business bank statements. We count 50% of deposits as income or more with a CPA expense ratio letter.
Another option is that if the co-borrower is a W2 employee you can use a hybrid of W2 and tax return income from the co-borrower and bank statement income from the borrower or assets from the co-borrower and bank statements from the borrower. Non-QM loans can use multiple sources of blended incomes to qualify.
1099 Income Loans
Our 1099 income loan option is for underserved self-employed borrowers who are 1099 workers. 1099 as income loan is an alternative loan solution that helps many self-employed 1099 earners achieve homeownership by using the income on your 1099 without the need to see your tax returns.
P&L Profit & Loss Statement Loans
1-Year Profit and Loss (P&L) Statement as income, which often provides a more accurate portrait of the applicant’s true income profile.
Asset-Based Loans / Asset Depletion Loans
An asset-based loan or Asset depletion loan uses assets as income. Whether you are a retiree with a small fixed income, a new business, or an established company that needs to maintain a high cash flow, the ease, and the benefits of an asset-based loan have made them a popular solution for borrowers in recent years. Leverage your Assets for a Property Purchase or Refinancing without pledging, transferring, or establishing a new depository relationship.
10% Down Jumbo Bank Statement Loans to $2,000,000
15% Down Jumbo Bank Statement Mortgage to $3,000,000
We know the Jumbo Mortgage Bank statement Business call us at (877) 424-4562
Comparing Current Bank Statement Loan Rates
Finding the lowest bank statement mortgage loan rates is very important, that’s why we’ve already searched them for you, getting the lowest loan rate possible could save you hundreds of dollars a year and thousands of dollars over the life of your loan. Yes, having us find you the best loan rates is a big deal.
Current Mortgage Rates
Eddie Hoskins Founder & CEO
Providing our customers with the lowest rates, personalized service, and loan options that you don’t get from big box lenders or banks. That’s he built E Zip Mortgage.
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