Bank Statement Mortgage: Can You Apply for It?

What Is a Bank Statement, and How Do I Get One? - MintLife Blog

Bank statement mortgages are considered a great way of securing a mortgage loan without any need for documentation that is normally required for verifying one’s income. Yes, with these loans, you don’t need to provide documents like your tax returns and W-2s. Mostly, the entrepreneurs take advantage of this type of mortgage loan, and it can be a great choice for others who lack a consistent source of income or can’t provide salary proof to the lender because they don’t have one employer. So, are you the right candidate for a Bank Statement Mortgage? Let’s find out some more details about these loans.

Can You Benefit From A Bank Statement Mortgage?

These loans are tailored for the borrowers with an inconsistent flow of cash and those who cannot get the required income documents from their employer – like freelancers, consultants, doctors, small business owners, real estate agents and investors, and lawyers.

Now, if you are one of these, it is likely that you might not qualify for an FHA or a conventional mortgage loan. That’s because the income you have filed on the tax returns may not be a true reflection of what you are earning as it is usually adjusted for any business write-offs and deductions. On the other hand, you can easily qualify based on the amounts reflected on your bank statement.

The Bank Statement Mortgage is also a viable choice for existing homeowners who might want to refinance their mortgages. Besides, these loans are a popular choice for:

  • Business Owners
  • Consultants
  • Freelancers
  • Contract Workers
  • Sole Proprietors
  • Independent Contractors
  • Realtors
  • Gig Economy Workers
  • Retirees
  • Entrepreneurs

Do You Qualify For A Bank Statement Loan?

In order to qualify for the bank statement loan programs, you just need to do a couple of things. First, you should have your credit score checked and repaired before you apply for the loan. Besides, you can easily secure the loan by making a big down payment for your property.

These loans make an ideal choice for so many self-employed people including seasonal workers who earn enough for a year by working through a single season. So, if that’s you, you make an ideal bank statement loan candidate.

How To Apply For These Loans?

If you want to apply for a bank statement mortgage, you have to provide the lender with your bank statements for the last 12 months, and they must show regular deposits. That indicates exactly how much is affordable for you and what amount the lender should offer you for the loan. In the next step, all your statements are verified with your bank by the lender. Once verified, you’ll be offered the mortgage amount you requested.

If you are looking for a bank statement loan and want the process to go as seamlessly as possible, should be a perfect choice for you. Get your inquiries in, and kick start the process to secure the funding you need.

Duane Roberts

Duane Roberts

Paul Roberts: As a legal affairs journalist turned blogger, Paul's posts offer expert analysis of legal news and court cases. His clear explanations and engaging style make complex legal issues more understandable for readers.

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