09/12/2024
BANK STATEMENT LOANS:
What Is a Bank Statement Loan?
If you're looking to buy a home, but you're self-employed or a gig worker, pursuing a bank statement loan may be the right choice – since you'll only need to provide bank statements to verify your income.
How Do Bank Statement Loans Work?
When you apply for a bank statement loan, we will analyze recent bank statements to verify your income trends and household expenses to see if you qualify for a mortgage. These bank statements are accepted in lieu of typical income documents – like pay stubs or W-2s – since self-employed individuals aren't issued these forms and don't typically have a predictable or contracted income the way that salaried individuals do.
Instead, a bank statement loan can be issued if these documents demonstrate that the borrower earns sufficient income to qualify for the loan in question. Combined with other factors, like credit score and down payment amount, previous months' bank statements can be the key to qualifying for a home loan if you're self-employed.
Who Can Benefit from Bank Statement Loans?
Bank statement loans can be a great option for anyone who earns income in a non-traditional way. This includes:
Small business owners.
Independent contractors.
Freelancers.
Gig workers.
Retirees.
Reach out to me for more info or if you think this might be an option for you or someone you know.
Mark Zarse | Loan Officer
NMLS 623917
Mobile: (617) 992-6742
EFax: 617.393.5574
19-23 Granite St Suite 115
Braintree, MA 02184
www.TeamMortgageBoston.com
Ask me about Impact Lending.
Have I made you a raving fan today? If so, please email [email protected].
Mark Zarse is a Movement Mortgage Loan Officer serving Braintree, MA. Contact me to find out more about our home purchase or refinancing options!
