Who Can Benefit from a Bank Statement Loan?

Bank Statement Loans are an excellent mortgage option for borrowers who don’t receive traditional income documentation like W-2s or paystubs and would not qualify for a FHA or Conventional mortgage usually. Instead of tax returns, these loans use personal or business bank statements to verify income. This makes them a powerful solution for many credit-worthy individuals who may be underserved by conventional lenders.

Ideal Candidates for Bank Statement Loans

Here are some common types of borrowers who can benefit from a Bank Statement Loan:

• Self-Employed Individuals
  Including freelancers, consultants, and solopreneurs who generate income through contracts, gigs, or independent work.
• Small Business Owners
  Owners or partners of businesses who reinvest in their company and may not show large profits on tax returns—but have strong cash flow.
• Independent Contractors & 1099 Earners
  Real estate agents, rideshare drivers, hairstylists, and other independent professionals who receive income outside of traditional payroll.
• Gig Economy Workers
  People who work with platforms like Uber, DoorDash, Etsy, or Upwork.
• Commission-Based Professionals
  Salespeople, insurance agents, and others who receive irregular but strong commission income.
• Foreign Nationals with U.S. Bank Accounts
  Borrowers from other countries who can show consistent deposits in U.S. accounts.

General Requirements for a Bank Statement Loan

While guidelines vary by lender, here are the typical requirements for qualifying:

• 12 to 24 Months of Bank Statements
  Either personal or business accounts (sometimes both) used to verify consistent income deposits.
• Good Credit Score
  Most programs require a minimum credit score of 620–700, with better terms for higher scores.
• Minimum Loan Amount
  Usually starts at $100,000 or more, making it ideal for home purchases or refinancing larger properties.
• Down Payment
  Often 10% to 20%, depending on credit, loan size, and income strength.
• Competitive Rates
  Rates are slightly higher than traditional loans, but still very competitive—especially when considering the flexibility offered.
• Proof of Self-Employment
  Typically a business license, CPA letter, or other documentation showing at least two years of self-employment history.

Why Choose a Bank Statement Loan?

Bank Statement Loans give self-employed borrowers the opportunity to qualify based on real cash flow, not tax write-offs or irregular income reports. This makes homeownership more accessible to a wide range of hardworking individuals who might not otherwise qualify.

Let us look at your case and evaluate it, you can schedule an appointment or give us a call at 786 622-2224.