The Lowest Rates
Bank Statement Loans
Designed to help self-employed borrowers who do not have traditional W-2 income qualify for a mortgage by demonstrating their ability to repay a mortgage through their bank deposits.
How a Bank Statement Loan Works
3 Important Things to Know
No Tax Returns Needed
Instead of using tax returns, we will use your personal or business bank statements to determine your monthly income.
Gross Income Calculation
We will review 12 or 24 months of your bank statements and calculate what your average monthly deposits come to.
Expense Ratio
Depending on the type of business you operate, we will use an expense ratio of 15 to 50% to determine your qualifying income.
Loan Qualifications
Here are a few important factors to consider when it comes to our bank statement loans.
Credit Score
A credit score of at least 620-660 will be needed depending on the specific bank statement loan program you choose.
Down Payment
A down payment of 10% to 20% will be required depending on the specific bank statement loan program you choose.
Proof of Self Employment
You typically need a two year self employment history. However, exceptions can be made at times if you have a lot of experience in your industry.
Max Loan Amount
The maximum loan amount for any of our bank statement loan programs is $3.5M
Property Uses
Your intended use can be for a primary residence, second home, or investment property.
Program FAQs
Answers to commonly asked questions about our Buy Before You Sell loan progam.
What is a bank statement loan?
You will lock in an interest rate for the construction phase...
Who qualifies for a bank statement mortgage?
You have 12 months from closing to complete construction...
How are income and deposits calculated for qualification?
The interest is based on the amount drawn each month...
Can I use personal or business bank statements?
Yes! We can use the value of your lot as part of the equity...
Can I use a bank statement loan to refinance a mortgage?
Yes, your builder must be reviewed and approved by our team...
What ownership percentage must I have in the business?
Required documents include contract, plans, permits, appraisal, etc.