Bank Statement Loans

Bank Statement Loans

Overview

Bank statement loans are non-traditional mortgage products primarily designed for self-employed borrowers, freelancers, or business owners who may have difficulty proving consistent income through standard W-2s or tax returns. Instead, lenders use personal or business bank statements to verify income and ability to repay.

Why an Bank Statement Loan?

Bank Statement Loans can help self-employed individuals or business owners buy a home. These loans allow you to use personal or business bank statements for income verification instead of tax returns. A down payment of 15-20% is typically required, making it a great option for borrowers who can’t provide traditional documentation.

  • For self-employed Borrowers

  • No tax returns required for approval

  • 15% to 20% down payments

  • Flexible loan options available

  • Terms of 15, 20, and 30 years

Danielle Damianov

NMLS#883539

Branch Manager

Who Qualifies?

  • Self-employed individuals, freelancers, consultants, or small business owners.

  • Borrowers with irregular income streams or complex tax write-offs that reduce their adjusted gross income on paper.

  • Typically, lenders require at least 12 to 24 months of consecutive bank statements to prove steady deposits.

Key Advantages

  • Flexible Income Documentation: Instead of relying on W-2s or extensive tax returns, borrowers provide bank statements as proof of cash flow.

  • Higher Loan Limits: Some lenders offer sizeable mortgage amounts, depending on the strength of your bank statements and credit profile.

  • Streamlined Application Process: With fewer standard document requirements, the process can be more straightforward for self-employed borrowers.

KAREN LYNN ELDRIDGE

NMLS#883539

Branch Manager

  • 502) 376-1864

Example:

A freelance graphic designer who is a 1099 and has fluctuating monthly income could use 12 or 24 months of bank statements showing consistent deposits to qualify for a home loan, even if traditional taxes or W-2s don’t fully capture their actual earning power.

contact information

KAREN LYNN ELDRIDGE Branch Manager & Team Lead of Karen On Mortegages 1203 E Moody Crestwood Kentucky . [email protected]. NMLS#883539

Corporate Address: 1203 E Moody Lane, Crestwood Kentucky. NMLS#883539

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