Bank Statement Loans
For Self-Employed Borrowers. No tax returns required.
Are you a self-employed professional struggling to qualify for a mortgage due to the lack of traditional income documentation? At USA Loans, we offer specialized bank statement loans designed to accommodate your unique financial situation. With our flexible lending criteria, you can secure a mortgage without the hassle of providing tax returns.
What Is a Bank Statement Mortgage Loan?
A bank statement loan is a mortgage option that allows you to qualify based on your bank statements instead of traditional income verification documents like tax returns, W-2s, or pay stubs. This approach is ideal for self-employed individuals, small business owners, and anyone who benefits from significant tax deductions that may not accurately reflect their true income on tax returns.
How Do Bank Statement Loans Work?
Instead of relying on tax returns, lenders use your bank statements from the last 12 to 24 months to assess your earnings. By analyzing your deposits, lenders can determine your ability to repay the loan, making this an excellent option for those with fluctuating or unconventional income streams.
Why Choose a Bank Statement Loan?
Bank statement loans offer several advantages over traditional mortgages:
- No Tax Returns Required: Your bank statements serve as proof of income, eliminating the need for complex tax documents.
- Flexibility: Perfect for those with non-traditional income sources or significant tax deductions.
- Higher Loan Limits: Potentially borrow more than conventional loan limits.
- Accessible Credit Scores: Some lenders accept credit scores as low as 620.
- Variety of Options: Choose from fixed-rate or adjustable mortgages, with interest-only options available.
Think you qualify for an Bank Statement Loan?
Who Should Consider a Bank Statement Loan?
Bank statement loans are particularly beneficial for:
Business Owners
Leverage your business’s financial health to secure a mortgage.
Freelancers and Contractors
Use your consistent cash flow as proof of income.
Realtors and Consultants
Qualify based on your regular deposits, even if your income varies month-to-month.
Entrepreneurs and Retirees
Take advantage of a loan option that reflects your financial reality.
Requirements for Bank Statement Loans
To qualify for a bank statement loan, you’ll typically need to meet the following criteria:
- Bank Statements: Provide 12 or 24 months of personal or business bank statements.
- Down Payment: A minimum down payment of 10% is often required.
- Credit Score: A minimum credit score of 620, with better rates available for higher scores.
- Debt-to-Income Ratio: Up to 50%, depending on the lender.
- Profit and Loss Statement: May be required for business owners, prepared by a Certified Public Accountant.
How to Apply for a Bank Statement Loan
Ready to explore the benefits of a bank statement loan? Here’s how to get started:
Complete Our Online Form: Fill out our straightforward application with your details.
Submit Bank Statements: Provide the required bank statements from the last 12 or 24 months.
Review & Approval: Our experts will evaluate your application and bank statements to determine your loan eligibility.
Receive Your Loan: Once approved, you’ll receive the funds to buy your home or refinance your existing loan.
Why Choose USA Loans for Your Bank Statement Loan?
At USA Loans, we specialize in helping self-employed individuals and others with non-traditional income secure the financing they need. With our extensive experience in handling bank statement loans, we’re committed to finding the best solution for your unique financial situation. Our process is smooth, straightforward, and designed to get you into your dream home without the usual hurdles.
Can we help you?
Give us your contact information and one of our Bank Statement Loan experts will call you as soon as possible.
Transform your mortgage experience with USA Loans and discover how our bank statement loans can help you achieve your homeownership goals.
See What Our Clients Say!
Marcus F.
As a self-employed professional, it was always tough to qualify for a mortgage due to the lack of traditional income documentation. USA Loans changed that for me. With their Bank Statement Loan program, I was able to secure the financing I needed without having to provide tax returns. The process was smooth and efficient!
Martha G.
Finally, a solution for self-employed individuals! USA Loans made it possible for me to buy my home using the actual income shown in my bank statements. Without needing W-2s or tax returns, getting approved was so much easier and faster. I highly recommend them!
Chris E.
Owning a business always complicated getting a mortgage, but with USA Loans, everything was different. Their Bank Statement Loan program allowed me to qualify based on my bank statements, without the hassle of complicated paperwork. I’m now a homeowner thanks to their support.