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  • Writer's pictureP. Seely

Finding Capital for the Self-Employed

What is a Bank Statement Loan?

A bank statement program is a home loan program that uses bank statements to calculate a borrower’s income. This is an alternative documentation loan type instead of using tax returns and W-2s in the qualification process. These loans are for self-employed borrowers who typically have substantial tax write-offs that make it challenging to demonstrate the necessary income to prove their ability to repay the loan. The bank statement loan programs use either personal or business bank statements to qualify borrowers.

Can a Self-Employed person get a mortgage?

Yes, a self-employed borrower can get a mortgage loan using our industry leading non-QM mortgage programs. Each self-employed borrower will be assessed individually to determine if they qualify for a home loan. Credit scores, income / profits, and other factors will determine the appropriate loan type. Given a self-employed borrower’s unique financial situation, alternative documentation may be needed to calculate a borrower’s income. Our bank statement loan program is designed to help self-employed borrowers, small business owners, and entrepreneurs qualify for a mortgage.

Can I refinance with a bank statement loan?

Yes, rate and term refinancing is available using our bank statement program. Contact me for more information.

What if my credit is less than perfect?

Your credit, your credit scores, and how wisely you shop for a loan that best fits your needs have a significant impact on your mortgage interest rate and the fees you pay. To improve your credit and your chances of getting a better mortgage, get current on your payments and stay current. About 35% of your credit scores are based on whether or not you pay your bills on time. About 30% of your credit scores are based on how much debt you owe. That's why you may want to consider paying down some of your debts. To qualify, credit scores starting at 660 will be required.

Our Bank Statement mortgage program is the perfect option for self-employed borrowers who need an alternative method to show the true cash flow of their business. Borrowers do not have to own 100% of the business. With loan options up to $3 million, or a minimum of $150,000 you'll find options to fit every budget. Owner-occupied, 2nd homes, and non-owner occupied qualify. Click Get started today, there is no cost or obligation for our consultation.

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