Bank Statement Program for
Self-employed Borrowers

Are you self-employed or have income that is not easily documented? If your income comes from sources other than traditional employment you could find it difficult qualifying for a mortgage loan. Bank statement loans for self employed borrowers have returned following the housing crisis and could be the answer you need for mortgage approval. Here are several tips to help simply the process of getting your bank statement mortgage approved.

Homebuyers with less documentable income sources like self-employment often have a more difficult time qualifying for a mortgage. If you been trying to buy a home for your primary residence, a second home or even an investment property, you could benefit from a bank statement loan. 

What Is a Bank Statement Mortgage?

Instead of providing tax returns, pay stubs and a W-2 to document your income you will be asked for 12 to 24 months’ worth of bank statements.

You’ll often see these programs referred to as low doc credit, ez doc, subprime or even an alternative income doc mortgage. 

If you’re self-employed this program will use deposits in your business or even personal bank statements to qualify. Your bank statements need to demonstrate that the income you receive is consistent, will continue and that you have enough to repay the mortgage. We may require additional documentation in the form of P&L or letter from you accountant.