For borrowers who may not have traditional pay stubs or W-2s—such as the self-employed, business owners, or freelancers—Bank Statement loans can offer a pathway to financing. Instead of relying solely on tax returns, lenders review personal or business bank statements to assess income stability and repayment ability.
Key Features:
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Alternative Documentation: Focuses on actual cash flow shown in your bank statements rather than standard W-2 forms.
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Flexible Qualification: May be suitable for self-employed individuals, gig workers, and those with complex income streams.
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Variety of Property Types: Depending on the program and lender guidelines, these loans may be available for primary homes, vacation properties, or investment properties.
Important Considerations:
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Not a Guarantee: Approval depends on lender criteria and current underwriting standards. Terms may vary.
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Changes Over Time: Program requirements, interest rates, and eligibility criteria may change without prior notice.
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Legal Disclosures: All offers must comply with federal, state, and local laws, including the Real Estate Settlement Procedures Act (RESPA).
Next Steps:
Review all terms and conditions thoroughly, and consult with a qualified, licensed mortgage professional like LaTonia Knox to see if a Bank Statement loan is right for you. For more information and personalized guidance, click Contact Us.
Disclaimer: This is not a commitment to lend. All loan products, terms, and conditions are subject to underwriting approval and availability.