THE LOWEST RATES & FEES
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
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No Tax Returns Needed
Instead of using tax returns, we will use your personal or business bank statements to determine your monthly income.
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Gross Income Calculation
We will review 12 or 24 months of your bank statements and calculate what your average monthly deposits come to.
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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. Please see example below.
Loan Qualification
Here are a few important factors to consider when it comes to our bank statement loans.
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Credit Score
A credit score of at least 620-660 will be needed depending on the specific bank statement loan program you choose.
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Down Payment
A down payment of 10% to 20% will be required depending on the specific bank statement loan program you choose.
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Proof of Self Employment
In most cases, you need a self employment history of two years. A shorter self employment history may be acceptable if you have a lot of previous experience in your industry.
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Max Loan Amount
The maximum loan amount for any of our bank statement loan programs is $3.5M.
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Property Uses
Your intended property use can be for a primary residence, second home, or investment property.
See How Low of a Rate We Can Offer You
We offer some of the best bank statement loan rates on the market. Get a free custom quote today. Requesting a quote takes less than a minute to complete!
Borrower Eligibilty
Who Qualifies?
- Must have a Social Security number
- US Citizen, Permanent Resident Alien
- Non-Permanent Residents allowed for purchase and rate/term refinance
- Maximum 4 borrowers per loan
Income Requirements
Qualifying Income
- Only self-employed borrowers are eligible
- 12 or 24 consecutive months of bank statements required
- Borrower’s business ownership must be at least 25%
- Businesses must be based in the U.S.
Income Calculation Example
Here is an example of how income would be calculated for a bank statement loan.
A self-employed contractor provides business bank statements
- Total deposits over 12 months = $240,000
- 50% expense ratio is used to account for business costs
Adjusted annual income:
$240,000 × 50% = $120,000
Monthly qualifying income:
$120,000 ÷ 12 months = $10,000/month
Want to See How Low of a Rate We Can Offer You?
We offer some of the best bank statement loan rates on the market. Get a free custom quote today. Requesting a quote takes less than a minute to complete!
Still Have Questions About Our
Bank Statement Loans?
We’d love to help answer your questions.
Client Testimonials
I am happy to wholeheartedly recommend Shay Wright with Home Financing Direct! He answered all of my questions and gave quality mortgage lending advice to my family. I would absolutely use Shay’s services again and have no hesitation recommending him!
Erin Hosford
I worked with Shay Wright to buy my first home and he was genuinely awesome. Shay was great at answering everything I asked and explaining to me how things worked. I shopped around a little for rates and these guys were able to provide me with the best ones.
Tanner Lewis
I recently refinanced with Home Financing Direct. The whole process was great! No surprises, great transparency, and a very simple process from start to finish. I was able to quickly secure a new home loan at an amazing rate! I would definitely work with them again.
Casey Woolley
Shay has been excellent in working with me right from the beginning. I felt he didn’t look my refinance as another file but took personal interest in advising me the best route. He also locked me on excellent rate where corporate banks were about 0.6 percent higher.
Fareed S
Very Professional, Shay Wright got me the best deal, I would highly recommend. I was stress free throughout the whole process and whenever I had a question he would respond right away. He is very knowledgeable and really knows what he is doing. I value his kindness, honesty, and hard work!
Miguel San Miguel
Shay Wright worked with us to qualify for a mortgage, gave us a great rate and was helpful from start to finish. Shay was available to give guidance and to answer questions, even during evenings and on weekends. I highly recommend you consider working with Shay.
Linda Snyder
Shay is so professional and responsive, he answered all my questions with patient in detail. Rates that he is offering are so competitive. He is the key to my recent real estate transactions.
Milad Zare
I was impressed with the professional and responsive communication, which made the whole process painless. We locked in a great rate quickly and Shay kept us informed ever step of the way. Better rates without all the headaches!
Gabriel Gross
We had a very positive experience with Home Financing Direct. Our representative, Shay Wright, was the best we could have asked for. He was very informative and helpful throughout the entire process. I’d highly recommend Shay to anyone looking for home financing.
Shaun Gardiner
Shay was a pleasure to work with! He was professional and responsive, and I felt like he did a great job communicating. He proactively communicated about every step of the process, and was fast to answer any questions. Highly recommend working with Shay @ Home Financing Direct!
Brad Warren
Had a great experience with Shay. He was always responsive and answered any questions I had. I was very happy with the process and got it done in my required timeline. All paperwork was submitted electronically using secure portals. All very professional and safe. I got a really good interest rate to boot.
Isaac Davis
I had multiple pre-qualification letters from several lenders but specifically wanted to work with Shay because of his responsiveness and low closing costs. He was extremely patient throughout the process and truly had our best interest. I will be working with Shay again in the near future. thanks for all your help!
Nirmal Kurian
We just closed on a refinance with Shay Wright, in under 15 days for an immaculate rate w/o buying points. Also as a plus the closing costs were low. Shay was the epitome of a professional and would recommend him to anyone looking for a Refi or to buy a home.
Rob Prescott
Amazing communication and fastest loan process ever! I've gone through a few home mortgages in my life and this was by far the fastest. Even more amazing was the speed during Covid-19. I have friends that were going through loans/refi's that were taking 6+ weeks. Mine was literally closed within 2 weeks! Highly recommend
Brandon Southern
Thanks so much Carol! It was a pleasure working with you as well, and I really appreciate how responsive you were when I needed a document from you. That was very helpful. I hope y'all enjoy your new home, and I look forward to hopefully working together sometime again in the future!
Carol Lee