Bank Statement Loan

Bank statement loans can be a mortgage solution for self-employed borrowers by using bank statements to qualify instead of having to show tax returns or pay stubs.

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Bank Statement loan

Key Features

No tax returns required

As low as 10% down payment

Great option for self-employed borrowers

A Bank Statement Loan may be the solution for self-employed borrowers

A Bank statement loan is a non-qualified mortgage loan that allows self-employed borrowers to seek a home loan without showing net income on tax returns or pay stubs. We look at your non-traditional income over 12 months using bank statements, and if you meet our criteria, you can get a mortgage loan at a competitive rate.

Our bank statement loan program can be an excellent option for:
  • Small business owners
  • Independent contractors
  • Consultants
  • Realtors
  • Freelance employees
  • Entrepreneurs
  • Gig workers
  • Truckers
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Bank Statement Loan FAQs

Bank statement loans allow self-employed borrowers to apply for a home loan without having to provide pay stubs and W-2's from the past two years of employment.  Lenders look at the borrower's bank statements to determine if they can produce sufficient income to warrant approval for a mortgage loan.  Here's a blog that can explain more.
Interest rates for Bank Statement Loans are dependent on the borrowers’ credit score, income, down payment, and reserves. Call us today to obtain a rate quote based on your circumstances.

Like a traditional mortgage loan, you should maintain a good credit score (680 and up) to be approved for a bank statement loan.

With bank statement loans, the lender uses bank statements to analyze a borrower's income instead of using standard documentation. Lenders that offer bank statement loan programs will look at a borrower's bank over a 12 to 24 month time period to determine the borrower's net income, which is the amount of money earned after the borrower has paid taxes and business-related expenses.  Here’s a blog that helps explain this more.

NASB requires at least two years of self-employment, 12 months of consecutive bank statements from the same account, up to 90% max LTV, and the borrower must have a 45% maximum debt-to-income ratio. The maximum loan amount is $1,250,000.

The qualifications for a bank statement loan may vary by lender. But in general, a borrower is required to have at least two years of self-employed income and business experience. Once a lender has determined income, they will decide the maximum loan amount allowed. This is based on the borrower’s debt-to-income ratio, a percentage of the monthly income that goes towards paying any debt they may have, including a mortgage.

A minimum loan amount of $175,000 is required to apply. Exceptions include mortgage products for properties located within the Greater Kansas City metro and surrounding areas. Contact a NASB Loan Officer for details on the excluded areas and/or zip codes.

Bank Statement Loan Requirements

  • Must provide 12 months of consecutive bank statements from the same account
  • 10% down payment required with mortgage insurance
  • Up to 90% max LTV
  • 680 minimum credit score
  • 45% maximum debt-to-income ratio
  • $1,250,000 maximum loan amount, $175,000 minimum*
  • Must escrow for taxes and insurance
  • Minimum of 2 years self-employment or 1099 contract work with exception can be made to 1 year self employed if same line of work prior

Video - What is a Bank Statement Loan

Watch this video to find out how self-employed workers can use bank statements to get a mortgage loan instead of tax returns or pay stubs

What Our Customers Say
Alexander S., April 5, 2024
★★★★★ (5)

"I was pretty much locked in with another lender but wasn't 100% convinced. I did a Google search looking for the best mortgage options for business owners/self-employed, and NASB popped up in several places with solid recommendations. For us, it was like a final Hail Mary to ensure we looked at all possible options. We couldn't be more glad we took that last step and found you. Your speed is second to none, and the service was amazing from start to finish. Needless to say, we are also very happy with the rate that we got."

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*Minimum loan amount of $175,000 required to apply. Exceptions include mortgage products for properties located within the Greater Kansas City metro and surrounding areas. Contact a NASB Loan Officer for more details on the specific areas and/or zip codes excluded.