Bank Statement Home Loans

Mortgage options for the gig economy

No Tax Returns Needed

Non-QM Loans use personal or business bank statements to calculate income when applying for a mortgage.

If you are self-employed, have liquid assets, or are a real estate investor, a Bank Statement Home Loan (Non-QM Loan) may be a great option for you to get pre-approved for a mortgage or refinancing.

Bank Statement Home Loans

Traditional loans typically require tax returns, W-2s, and paycheck stubs, to verify a borrower’s income. However, self-employed borrowers may not have paystubs and their tax returns might not provide a full picture of their income. This can make getting a traditional loan difficult.

However, with a Non-QM Loan, if a borrower has decent credit, and provides bank statements demonstrating sufficient income, they may qualify for a loan with a Loan to Value (LVN) of up to 90%.

Bank statement loans are popular with the following borrowers:

  • Business Owners

  • Freelancers

  • Consultants

  • Sole Proprietors

  • Gig Workers

  • Content Creators

  • Independent Contractors

  • Realtors

  • Retirees

FAQs

  • Borrower’s will need to provide bank statements for the lender to determine income and the maximum loan amount allowed. Ideally, borrowers will provide 12-24 months of bank statements. However, non-qm loans work on a case by case basis. Depending on a borrower’s situation, as few as 2-4 statements may be sufficient.

  • Fixed-rate, adjustable rate mortgages (ARMS), as well as amortized and interest-only, loans are available. Terms vary depending on each loan option and the borrower’s situation.

    Loan repayment options are available for terms up to 40 years.

  • With a cash flow property that’s a rental, borrowers could be eligible to receive a cash out of up to $500,000