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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.
No tax returns required
As low as 10% down payment
Great option for self-employed borrowers
A Bank statement loan is a type of non-qualified mortgage loan that allows self-employed borrowers to seek a home loan without having to show net income on tax returns 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.
Answer six quick questions to get your personalized recommendations from one of our loan experts.
Like a traditional mortgage loan, you should maintain a good credit score (660 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 a minimum of 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.
Watch this video to find out the two ways you can get a mortgage loan if you're self-employed without W2s or pay stubs.
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