Bank Statement Loans
Bank Statement Loan Programs are designed for self-employed individuals, freelancers, gig workers, and small business owners who may not qualify for traditional mortgages due to non-traditional income documentation. Instead of relying on W-2s or tax returns, this program uses your personal or business bank statements to verify income, making homeownership more accessible for those with variable or complex income streams.
Key Features
Qualify using 12 to 24 months of personal or business bank statements instead of tax returns or pay stubs
Minimum credit score requirements typically start at 620–700, with better terms for higher scores
Down payments as low as 10%, though some lenders may require more based on your profile
Debt-to-income ratios up to 50% are accepted by many lenders
Loan amounts can range from $150,000 up to $3 million or more, depending on eligibility
Available for primary residences, second homes, and investment properties
Both fixed-rate and adjustable-rate options available
Streamlined approval process with less emphasis on traditional employment verification10
Eligibility:
Must provide 12–24 months of consecutive bank statements showing consistent deposits
At least two years of self-employment or business ownership is typically required
Proof of business ownership or a professional license may be needed
Sufficient cash reserves as specified by the lender
Minimum credit score, generally 620–700 depending on the lender
Down payment of at least 10% of the purchase price
