Bank Statement Loans
Flexible Mortgage Loans for Entrepreneurs, Business Owners, Freelancers and Independent Contractors
Lowest bank statement loan rates guaranteed
No tax returns or tedious employment paperwork required.
We know traditional mortgage loans pose a serious challenge for self-employed and independent professionals because your tax returns don’t reflect your full income and financial capabilities. Bank statement loans allow you to purchase or refinance a home without the use of traditional income documentation. Instead, you can qualify based on your bank statements - either personal or business.
How Lenders Determine Bank Statement Loan Rates
1. Credit Scores – The better your credit score is, the lower your interest rate will be. So, if your score is on the lower end (think 680 or under), then you might work on improving it before applying for a bank statement loan.
2. Down Payment – your credit score will impact what down payment you’ll need, as well as your interest rate. Generally, the lower your score is, the more you’ll need to put down.
3. Loan-to-value ratio – The LTV of your mortgage – will also impact what rate you get on your bank statement loan. To calculate your LTV, you take your loan amount (how much you borrow for the house) and divide it by the home’s value. So, if your loan is $500,000 and the home is worth $625,000, your LTV is 80% (500,000/625,000). Lower LTV’s will typically qualify for the lowest rates.
Three Steps to Mortgage Success
We will make it easy for you!
Get a Consultation
Expert advice, discuss qualifications, get a quick quote, and get informed on the step-by-step process.
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Loan Approval
Get a fully underwritten pre-approval in just 48 hours. Know your rate and closing costs from the very beginning.
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Closing Time
Appraisal plus final underwriting to close within 2-3 weeks. Will keep you informed throughout the process. Always friendly service.
How do Bank Statement Loans work?
Download our free eBook below to learn the ins and outs of bank statement loans and everything you need to know to apply and qualify for your loan.
A more creative way to finance real estate.
Bank Statement Loans aren’t your traditional residential mortgages. Your approval will rest on your experience and the money you’re actually putting in the bank, not tedious documentation, making these loans an ideal option for small business owners, Entrepreneurs, independent contracts, and freelancers.
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