Last Updated on October 11, 2022 by Sapna Sharma
What Bank Statement Loans Offer
Below are some of the advantages that bank statement mortgage loans (“stated income mortgage loans”) offer:
Qualify with a credit score as low as 600.
LTVs up to 90% with no MI
Loan amounts up to $7,500,000.
Use your personal or business bank statements.
Option to use only 1 month’s bank statement.
How it Works
What is a bank statement loan?
A bank statement loan is a type of mortgage program that allows you to use your bank statements to verify income instead of tax returns. These programs are intended for self-employed borrowers who are unable to qualify for a conventional loan. Bank statement loans are often referred to as “stated income loans”, since they do not require a borrower to provide any tax returns or income documentation (just bank statements).
Who is eligible for a bank statement loan?
Any self-employed borrower may be eligible for a bank statement loan. This includes a wide range of people, such as business owners, entrepreneurs , freelancers, gig workers, contractors, and many other types of self-employed professionals. If you are self-employed, we encourage you to see if a bank statement loan is right for you!