What are Bank Statement Loans?
Bank Statement Loans are a type of mortgage designed for self-employed individuals or those with non-traditional income sources who may have difficulty qualifying for a conventional loan.
One of the primary benefits of Bank Statement Loans is their accessibility for individuals with non-traditional income sources, such as freelancers, entrepreneurs, and gig economy workers. Unlike conventional loans, these loans do not require traditional income documentation like W-2s or tax returns, making them more inclusive for those who may not fit the typical borrower profile.
Additionally, Bank Statement Loans offer flexibility in terms of income verification. By allowing lenders to assess a borrower’s bank statements over a period of time, usually 12 to 24 months, they provide a more accurate reflection of the borrower’s financial health. This can be particularly advantageous for those whose income may vary from month to month.
Furthermore, these loans often come with competitive interest rates, tailored loan terms, and the potential for higher loan amounts, enabling borrowers to access better financing options suited to their unique financial situations. This can empower self-employed individuals to pursue homeownership or refinance existing mortgages with greater ease and confidence.
You can utilize the bank statement program to acquire your next primary residence, secondary home, or investment property. For more information about the Bank Statement program, please reach out to your Account Executive.
