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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

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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.

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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.

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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.

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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.

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Contact a loan advisor for more information.

Mortgage FAQ