What is a Bank Statement Program Home Loan?
A Bank Statement Loan is designed for self-employed individuals, freelancers, business owners, and independent contractors who may not have traditional income documentation, such as W-2s or tax returns. Instead, lenders use personal or business bank statements to verify income and determine eligibility. This program provides a flexible mortgage solution for those with non-traditional income streams.
Why Choose a Bank Statement Loan?
✔ No Tax Returns or W-2s Required – Qualify using 12-24 months of bank statements instead.
✔ Flexible Income Verification – Lenders assess deposits to determine income.
✔ Higher Loan Amounts Available – Borrow more than traditional loan programs allow.
✔ Great for Self-Employed & Business Owners – Ideal for those with fluctuating income.
✔ Use for Purchases or Refinancing – Buy a new home or refinance an existing mortgage
12 Month Bank Statement Program
Qualify for a home by being able to show proof of your income over the last 12 months by showing your bank statements for the last 12 months (1 years worth of bank statements).
24 Month Bank Statement Program
Qualify for a home by being able to show proof of your income over the last 24 months by showing your bank statements for the last 12 months (2 years worth of bank statements).
How the Bank Statement Loan Process Works
- Provide 12-24 months of bank statements – Personal or business accounts can be used.
- Lender calculates your qualifying income based on deposits.
- Choose a loan option that fits your needs (fixed-rate, adjustable-rate, etc.).
- Get approved & close your loan without the hassle of traditional income verification.
No Taxes
The benefits of the bank statement program are these loans allow the borrowers to use bank statements as the form of proof that they are able to pay back the loan amount. This means that self-employed buyers or other buyers who otherwise would be ineligible to buy a home due with only their bank statements and no taxes.
Fast Approval with Downtown Financial
At downtown financial, we make it simple and faster for applicants to get the loan approved under Bank Statement Program.
10% Downpayment
Bank statement requires down payment of 10%
No First-Time Home Buyer Requirement
Depending on the bank statement, one could be easily eligible for fast approval of home loan.
Enjoy the best rates for both Purchases & Refinances
Loan rates under Bank Statement Program are very attractive.
