A bank statement loan is a loan program that allows a borrower to use twelve to twenty-four
months bank statements instead of showing tax returns. This loan benefits small business
owners and self-employed individuals.
Highlights
– The lender uses the bank statements to qualify a loan based on the amount of money
one makes.
– No tax returns are needed in order to qualify.
– Small business owners and self-employed people can use this loan program to their
advantage.
How it Works
– Credit scores as low as 600 may qualify.
– Little as 10% down.
– Your actual payment will vary based on your situation and the current interest rates
when you apply.
– 30 year and adjustable terms are all available.
– To qualify for a bank statement loan you must provide at least 12-24 months of bank
statements. This data will determine if you can qualify and how much a lender will lend
you for this loan program.
Requirements
– 12-24 month bank statements
– Valid identification ( Driver’s license and or passport)
– Social Security Card
– Assets
– For business owners a copy of your business permit or license may be required