Bank Statement Loan

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

When you're self-employed, you don't have the luxury of being able to provide pay stubs or show net income on tax returns when you're trying to secure a mortgage loan. Not having these required documents can make getting approved difficult, even if you have good credit. Our Bank Statement Loan program allows self-employed borrowers to seek a home loan without showing net income on taxes or pay stubs. We look at your income over 12 months using bank statements, and if you meet our criteria, you can get a mortgage loan with a competitive rate.

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, $170,000 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.

Bank Statement Loan FAQs

NASB Bank Statement Loan Webinar

In this recorded NASB webinar, Heather Howard explains how alternative forms of income verification can help self-employed borrowers secure a bank statement loan.