Bank Statement Loan Calculator
Step 1 - Choose the types of bank account you wish to use to qualify. You can select to use either personal bank statements or business bank statements.
Step 2 - Select the number of months worth of bank statements you want to use to qualify. You can select either 12 months or 24 months (there are also options to qualify using just 1 months worth of bank statements, if interested in learning more, click here).
Step 3 - Enter the amount of income / deposits for each month. This will then provide you with a total amount, which will then be divided by either 12 or 24 months (depending on which option you selected). You will then be provided a estimated amount of qualifying monthly income.
If you selected to use business bank statements, select what percentage of the business you own. If you own less than 100% of the business, the percentage you select will adjust the qualifying monthly income accordingly.
Would you like to receive a free quote for your mortgage? We can help match you with a non-qm lender that offers bank statement loans in your location. You will be provided with a free quote, and the opportunity to get pre-approved for a bank statement loan.
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This bank statement loan calculator is based off of the calculation formula that most lenders use for their bank statement program. Please understand that this calculator exists for education purposes, and to provide you with a general idea of how income is calculated for a bank statement loan. To get a real number, please contact us and we will let you know exactly how much you can qualify for.
Also, please keep in mind that each non-qm lender has a unique formula that they use for their bank statement program. We recommend that you contact these lenders here to learn more about the calculation formulas that they use.
If you would like some help finding a bank statement lender, we can help match you with a lender that offers these programs in your location. To get matched with a bank statement mortgage lender, please fill out this form.
Applying for a Bank Statement Loan
When applying for a bank statement loan, your lender will require to to complete a traditional mortgage application. However, your lender will ask you to provide at least 12 months of bank statements to determine eligibility and whether you have the financial capability of making the mortgage payments.
To account for your business expenses, bank statement lenders will use only 50%-75% of your average monthly deposits to calculate the income for qualification purposes. The loan officer will use their own bank statement loan calculator based upon the most updated bank statement loan guidelines.
The only other documentation the loan officer needs is verification that you have owned the business for at least two years and proof of insurance for the home.
You can expect the down payment to be anywhere from 10% – 30% down depending upon your credit scores. You can get a 30 year fixed repayment term
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We are able to help you to get approved for a bank statement loan for self employed in the following states: Alabama, Alaska, Rhode Island, Arkansas, California, Colorado, Connecticut, Delaware, Florida, Georgia, Hawaii, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Minnesota, Mississippi, Missouri, Montana, Nebraska, Nevada, New Hampshire, New Jersey, New Mexico, New York, North Carolina, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Carolina, South Dakota, Tennessee, Texas, Utah, Vermont, Virginia, Washington, West Virginia, Wisconsin, Wyoming.