Bank Statement Loans for Self-Employed Individuals

Bank Statement loans are a great loan program for self employed individuals who don’t show much income within their income tax returns but, deposit plenty of cash into either their business or personal bank accounts. We all know how challenging and frustrating it can be to qualify being self employed but we now offer this great option. There are either 12 month or 24 month bank statement loans where we average out the deposits over the determined period of time(minus expenses of usually 35%) and then, use the average as a monthly income. The bank statement loan option can be used for both purchases and refinances.

Bank Statement loans do not require any tax returns, tax transcripts, or pay stubs at time of submission but do require the following:

**Proof of minimum 2 years self-employment

**Profit and loss statement which coincides with the average deposits on bank statements or CPA Letter confirming self employment and 100% ownership(when using business bank statements)

**Satisfactory appraisal 

**Minimum 10% down required to purchase

**Max 85% Loan To Value for refinances

**Minimum required Fico is in the mid 600’s 

**Loans up to $3 Million

**2 years out of foreclosure or bankruptcy

Overall a great alternative for self employed borrowers. We are here to help if you’re interested in learning more about this loan product.