Bank Statement Loan Program
The Bank Statement Loan Program offers
financing solutions for borrowers with
non-traditional income sources, such as
self-employed individuals and freelancers.
This program uses bank statements instead
of traditional income verification (like W-2s
or tax returns) to assess a borrower’s
income and cash flow, facilitating loans for
those who might not qualify under standard
criteria.
Scenarios and Potential Applicants:
- Self-employed, freelancers, and contractors with variable incomes.
- Small business owners looking for operational or expansion funds.
- Individuals lacking traditional employment records but with strong financials.
Requirements:
- Consistent income evidence through 12 to 24 months of bank statements.
- Good credit score for better loan terms.
- Variable down payment depending on the loan and lender.
- Documentation of self-employment or business ownership.
- Sufficient savings to cover future mortgage payments.
