Buying a home is exciting, but proving your income can be tough, especially if you're self-employed, a freelancer, or a gig worker. Traditional lenders often require W-2s and tax returns, which don't always reflect your true earning potential.
That's where a Bank Statement Loan comes in.
What is a Bank Statement Loan?
A Bank Statement Loan is a flexible mortgage option designed for borrowers with non-traditional income.
- No Tax Returns or W-2s Required: Instead of standard paperwork, you use your personal or business bank statements as proof of income.
- Ideal for: Self-employed individuals, small business owners, freelancers, and independent contractors whose income fluctuates or who have significant tax write-offs.
- How it Works: Lenders look at your average monthly deposits over a period (usually 12 to 24 months) to determine how much you can afford to borrow. Consistent deposits demonstrate your financial stability.
Ready to Get Started?
If you have a history of consistent bank deposits and are ready to explore your options, here are your next steps:
- Gather Your Statements: Collect 12 to 24 months of your personal or business bank statements.
- Assess Your Budget: Know what monthly payment you are truly comfortable with.
- Talk to a Specialist: Connect with a mortgage professional who specializes in Bank Statement Loans. They can accurately calculate your qualifying income and guide you through the process.
Don't let non-traditional income hold you back from owning a home. A Bank Statement Loan can help you turn your financial reality into a mortgage approval.
