Bank Statement Loans: Guide for Self-Employed Borrowers
Being self-employed has many benefits, but getting a traditional mortgage is often not one of them. Because self-employed individuals write off expenses to lower their taxable income, their tax returns rarely reflect their true purchasing power.
The Bank Statement Loan Solution
A Bank Statement Loan bypasses tax returns entirely. Instead, lenders review 12 to 24 months of your personal or business bank statements to calculate your average monthly deposits. This average is used as your qualifying income.
Who is this for?
- Freelancers and Gig Workers
- Small Business Owners
- Independent Contractors (1099 workers)
- Real Estate Agents
What You Need to Know
You'll typically need a credit score of at least 660 and a down payment of 10% to 20%. The process is simple: provide your bank statements, and we'll calculate your qualifying income within 24 hours.
Don't let your tax write-offs stop you from buying your dream home. Contact us today to see how much you qualify for!
