Alternative Loan
Bank Statement
Bank Statement Loan
What is a Bank Statement loan?
Bank Statement is a home loan program that uses bank statements to calculate a borrower’s income. This program is a perfect option for self-employed borrowers who need an alternative loan program to show their true cash flow. Our bank statement loan program can use personal or business bank statements to qualify borrowers.
Bank Statement Loan
What are the qualifications for this type of loan?
Here’s a detailed look at the basic qualification for a Bank Statement loan.
- No minimum credit requirement
- 12 months of bank statements for qualification
- Minimum down payment of 20%
Bank Statement Loan
What are the benefits
For qualification purposes, the lender uses the deposits made into the business owner’s
account as the source of income for qualification purposes, instead of using the applicant’s
tax returns.
