Flexible Financing Without Traditional Income Proof
Bank Statement Loans
Perfect for the Self-Employed and Freelancers! Bank Statement Loans provide a flexible alternative to traditional income verification, offering solutions tailored to your unique financial profile.
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Tailored Financing for Self-Employed Borrowers
Bank Statement Loans FAQs
Bank Statement Loans provide a flexible option for self-employed individuals who may not have traditional income documentation. Here are answers to some common questions to help you understand how this loan works.
What is a bank statement loan?
A bank statement loan is a type of mortgage that allows self-employed borrowers to use their bank statements, rather than traditional income documentation like W-2s or tax returns, to qualify for a loan. It’s ideal for individuals with irregular income or who don’t have traditional proof of earnings.
Who is eligible for a bank statement loan?
Bank statement loans are typically available to self-employed individuals, freelancers, and business owners who may not have consistent or verifiable income through traditional means. The lender will review your personal or business bank statements to assess your financial stability.
How many bank statements do I need to provide?
Most lenders require the last 12 to 24 months of personal or business bank statements to assess your income and expenses. The exact number may vary depending on the lender and loan type.
What are the credit score requirements for a bank statement loan?
While bank statement loans offer more flexibility in income verification, most lenders still have minimum credit score requirements. These typically range from 500 to 620, depending on the lender and loan terms.
Can I use a bank statement loan for an investment property?
Yes, bank statement loans can be used for both primary residences and investment properties, making them a good option for self-employed investors or those looking to purchase rental properties.
