Loan option
Bank Statement Program
Self-employed borrowers often write off so much income on their taxes that traditional loans don't work. Our bank statement program qualifies you on real deposits, not tax returns.
What Bank Statement Program actually is.
The tax code rewards self-employed people for aggressive deductions. The mortgage industry, unfortunately, penalizes them for it. Bank statement loans solve that mismatch.
Instead of looking at your tax returns, we analyze 12 or 24 months of bank deposits to calculate your actual qualifying income. That number is usually far higher than your tax return's adjusted gross income.
These are fully amortising loans with terms up to 30 years, not short-term bridge money. They price above a full-documentation conventional loan, because the income verification is different, and the cash-out option lets business owners move home equity into the business.
Illustrative sample figures for a template demonstration. Not a rate quote, not an offer to lend, and not live market data.
Who this fits
- Self-employed business owners (2+ years)
- 1099 contractors
- Freelancers, consultants, and gig workers
- Anyone whose tax return understates true income
What this program buys you.
- No Tax Returns
- We qualify on deposits to your business or personal bank accounts.
- 12 or 24 Months
- Choose the look-back period that best reflects your income.
- Priced Above Conventional
- These loans price above a full-documentation conventional loan and well below short-term hard money. Ask for both quotes side by side.
- Up to 90% LTV
- Strong borrowers can finance up to 90% with no MI.
The process
Four moves from first call to keys.
Each step has one job and one owner. You always know which of the four the file is sitting in.
- 01Document DepositsProvide 12 or 24 months of statements; we calculate qualifying income.
- 02ApplyStandard application with focus on credit and reserves.
- 03UnderwriteManual underwriting reviews business profitability.
- 04CloseManual review adds steps, so allow more calendar than a standard conventional file.
Questions this program raises.
If yours is not here, ask it. You will get an answer in writing from the officer who would work the file.
Other programs
Get this priced against your own file.
Tell us the scenario and we will come back with real figures for Bank Statement Program, and for the programs you did not ask about, so you can see all of them at once.
Illustrative sample figures for a template demonstration. Not a rate quote, not an offer to lend, and not live market data.