Bank Statement Loan Rates for Self-Employed Borrowers

Yes. HomeLife can provide a quick scenario-based quote so you can get an early look at possible rate and cost options before completing a full application. Share your loan goal, estimated credit score, down payment or equity, loan amount, and property type to get started. A firm upfront quote based on your actual file follows after the full review.

Bank Statement Loan rates are based on the full file - including credit score, loan-to-value ratio, loan amount, loan purpose, property type, occupancy, income documentation, debt-to-income ratio, and rate/cost structure.

Usually somewhat higher, because Bank Statement Loans are Non-QM programs that use bank statement deposits to calculate qualifying income instead of relying primarily on tax returns. But if business write-offs keep your taxable income low, a conventional loan may not be an option at all—or may qualify you for much less. Strong credit, a lower loan-to-value ratio, and the right rate-and-cost structure can help narrow the gap.

Yes. No-points or no-origination-fee options may be available, program dependent. These options usually come with a slightly higher rate but may reduce upfront costs.

Not always. Some borrowers want the lowest possible payment. Others want to preserve cash. HomeLife helps compare rate, points, fees, payment, and cash to close so borrowers can choose the structure that fits their goal.

They can be. Purchase, rate-and-term refinance, and cash-out refinance scenarios may price differently. Cash-out refinances usually carry a slightly higher rate because the borrower is taking additional equity out of the property.

Lower loan-to-value generally helps improve rate options. For a purchase, LTV is based on your down payment percentage. For a refinance, LTV is based on the new loan amount divided by the property value.

No. HomeLife uses a soft credit pull upfront so you can review rate and qualifying options without any impact to your credit score. A hard pull only occurs when you formally proceed with an application.

HomeLife can often provide rate and cost options in as little as 48 hours after the required application, soft credit pull, bank statements, and supporting documentation are received.