Bank Statement Income
A bank statement income loan is a type of mortgage loan that allows borrowers to qualify for a loan based on their bank statements instead of traditional income documentation, such as W-2s and tax returns. This can be a helpful option for self-employed borrowers, gig workers, and others whose income may not be easily verifiable through traditional means.
Bank Statement Income
- Available under Expanded Prime and Non Prime programs
- Personal or Business: 12 or 24 months
- 1099: 12 or 24 months
- 90% Purchase and R/T Refi
- Cash out options
- 50% Fixed Expense Ratio applied to Business accounts
- 100% of Personal deposits used w/ 2 months of corresponding business account