The Option for Self-Employed Borrowers
What is a Bank Statement Loan?
A Bank Statement Loan is a type of mortgage that allows borrowers to qualify for a home loan based on their bank statements rather than traditional income documentation like W-2s or pay stubs. This loan type is ideal for self-employed individuals, freelancers, or anyone who may have non-traditional income sources.
Key Features:
Flexible Income Verification: Use your bank statements to verify income, making it easier to qualify if you’re self-employed or have irregular income.
Simplified Application Process: Streamlined application process that focuses on your cash flow as reflected in your bank statements, rather than traditional documentation.
Competitive Interest Rates: Benefit from competitive interest rates that can make your mortgage payments more affordable.
Variety of Loan Options: Choose from different loan types, including fixed-rate and adjustable-rate mortgages, based on your financial needs and preferences.
Support for Diverse Income Sources: Ideal for borrowers with multiple or irregular income streams, including self-employed individuals, freelancers, and gig economy workers.
Bank Statement Loan Terms:
Loan Amount: Based on your bank statements and property value, with options for various loan sizes.
Loan Term: Typically 15 to 30 years, with options for shorter or longer terms based on your needs.
Interest Rate: Competitive fixed or adjustable rates determined by your credit profile and market conditions.
Eligibility Requirements: Bank statements for income verification, proof of assets, credit history, and ability to repay the loan.
Additional Costs: Appraisal fees, closing costs, and other associated expenses.
Valuable option for self-employed borrowers who may not qualify for a traditional mortgage.”
