Bank Statement Loans
A bank statement loan is built for self-employed borrowers, business owners, and entrepreneurs whose tax returns do not reflect their true cash flow. Instead of tax returns, the lender reviews your personal or business bank statements, usually 12 to 24 months, to calculate qualifying income from your actual deposits.
This is a strong fit for borrowers who take significant write-offs and therefore show a lower net income on paper than they truly earn. It can be used for a primary residence, a second home, or an investment property.
Bank Statement Loan Characteristics
Income is calculated from 12 to 24 months of bank statements instead of tax returns
Designed for self-employed borrowers, business owners, and entrepreneurs
Available for primary residences, second homes, and investment properties
Typically requires a higher credit score and a larger down payment than a conventional loan
Helps borrowers who write off heavy expenses and show low net income on tax returns
Rates are usually somewhat higher than a fully documented conventional loan
Flexible underwriting that looks at real cash flow rather than tax-return income
A practical path to homeownership or investment for nontraditional earners
5) Conventional loans offer options for fixed or adjustable interest rates
6) Conventional loans can be used to purchase a variety of property types, including single-family homes, multi-unit properties, and condominiums
7) Conventional loans do not require mortgage insurance if the borrower puts down at least 20% of the purchase price
8) Conventional loans offer options for refinancing, including cash-out refinancing and rate-and-term refinancing, which can help borrowers lower their monthly mortgage payments or access equity in their home.
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