The Power of Bank Statement Home Loans

Key Benefits of Bank Statement Loans

1. No Tax Returns Required

   • Instead of tax returns or W-2s, you qualify using 12–24 months of personal or business bank statements.

2. Ideal for Self-Employed Borrowers

   • Perfect for business owners, freelancers, and gig economy workers who may write off significant expenses on taxes.

3. Higher Loan Approval Flexibility

   • Underwriting is based on cash flow, not taxable income, making it easier to qualify for higher loan amounts.

4. Multiple Property Financing Options

   • Great for investors or entrepreneurs purchasing multiple properties or high-value homes.

5. Competitive Interest Rates

   • Rates are higher than traditional loans, but still competitive given the flexibility.

6. Can Be Used for Various Property Types

   • Applicable for primary residences, second homes, and investment properties.

Key Features

Income Verified Using Bank Deposits

Typically based on average monthly deposits from 12 or 24 months of statements.

Credit Score Minimums

Most lenders require a minimum credit score of 620–660, depending on loan terms.

Loan Amounts

Often available up to $3 million, depending on lender guidelines.

Down Payment Requirements

Minimum 10% down

No Private Mortgage Insurance (PMI)

Many bank statement loan programs do not require PMI, even with less than 20% down.