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Product Details

  • Loans up to $3 million with a minimum of $150,000
  • 12 or 24 months business or personal bank statements
  • Two years seasoning for foreclosure, short sale, bankruptcy or deed-in-lieu
  • Rates are 30-year fixed
  • Two years self-employed required
  • Borrowers can own as little as 50% of the business for business bank statements and 25% for personal bank statements
  • Purchase and cash-out or rate-term refinance
  • Owner-occupied, second homes, and non-owner occupied
  • 1099 option available
  • 40 year fixed interest only available
  • Most loans will be qualified on an expense factor of 50%. Companies with a lower expense factor will require a statement from a third party CPA or tax preparer. (Some industries with traditionally higher expense factors will be underwritten with a 70% expense factor.)
  • Non-warrantable condos allowed
  • Loan amounts greater than or equal to $1,500,000, a borrower paid second appraisal must be obtained

Bank Statement Loans

The Bank Statement Loan program is the perfect option for self-employed borrowers who need an alternative method to show the true cash flow of their business. Borrowers do not have to own 100% of the business. Self-employed borrowers represent an underserved market in the mortgage industry. Our Bank Statement program provides a loan solution to help underserved credit-worthy self-employed borrowers who otherwise would not qualify for a home loan.

Frequently Asked Questions

What is a bank statement loan?
Mortgage FAQ

A bank statement program is a home loan program that uses bank statements to calculate a borrower’s income. This is an alternative documentation loan type instead of using tax returns and W-2s in the qualification process.

These loans are for self-employed borrowers who typically have substantial tax write-offs that make it challenging to demonstrate the necessary income to prove their ability to repay the loan.

The bank statement loan programs use either personal or business bank statements to qualify borrowers.

Can a self-employed person get a mortgage?
Mortgage FAQ

Yes, a self-employed borrower can get a mortgage loan using our industry-leading non-QM mortgage programs.

Each self-employed borrower will be assessed individually to determine if they qualify for a home loan.

Credit scores, income/profits, and other factors will determine the appropriate loan type.

Given a self-employed borrower’s unique financial situation, alternative documentation may be needed to calculate a borrower’s income.

Our bank statement loan program is designed to help self-employed borrowers, small business owners, and entrepreneurs qualify for a mortgage.

How is income verified for a self-employed borrower?
Mortgage FAQ

Yes, rate and term refinancing is available using our bank statement program.

Contact a loan advisor for more information.

Mortgage FAQ