A bank statement loan is an alternative to traditional mortgage products. These loans make it possible to gauge a buyer’s ability to repay a loan based on their bank statements and banking history in place of income that’s reported on W-2’s, pay stubs or tax returns.

Some creditworthy borrowers who don’t qualify for other types of loans can qualify for a bank statement loan instead. This type of loan can be a great backup mortgage option for self employed clients.

Good candidates for bank statement loans include small business owners and self-employed individuals.

• 640+ FICO, with LTVs up to 90% and no MI required
• Loan amounts up to $3M
• Self-employed borrowers only
• Minimum 12 months reserve required
• Minimum 12 months consecutive bank statements required
• Two appraisals from two different appraisers required for loans over $1.5M
• Not eligible in West Virginia or on Texas 50(a)(6)