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  • Bank Statement Mortgages (For Self Employed Borrowers)

  • Is a Bank Statement Loan Right for You?

     

    Are you self-employed?

    Do you earn seasonal or irregular income?

    If you’re a consultant, promoter, tax preparer, freelancer, artist, contractor, or business owner, and your income doesn’t show up cleanly on tax returns — our Bank Statement Program may be the perfect solution.

  • How Does It Work?

    It's Simple.

    Instead of requiring years of tax returns, W-2s, or traditional pay stubs, we qualify you using a combination of your bank statements and a Profit & Loss (P&L) statement for your business.

    Even if you only earn income during part of the year, you may still qualify — as long as your bank statements show consistent deposits.

  • Choose the Scenario That Fits You

     

    We offer multiple Bank Statement qualification options, so you can use the approach that best matches your situation. Below are the most common scenarios and how each one works.

    ScenarioAccount StructureDocuments RequiredHow You Qualify
    Scenario 1 Combined Personal & Business 12 months bank statements
    CPA or Tax Preparer P&L    		 Income is based on the P&L.
    Expenses must be reasonable for your business type.
    Scenario 2 Separate Personal & Business 12 months personal bank statements
    3 months business bank statements    		 Only personal deposits are used.
    No P&L required.
    Scenario 3 Business Accounts Only 12 months business bank statements
    CPA or Tax Preparer P&L    		 Deposits must equal at least 5% of the gross revenue on the P&L.
    Scenario 4 1099 Independent Contractor 12 months personal bank statements
    Optional CPA P&L (if needed)    		 Qualify using consistent 1099 deposits shown in your bank statements.
    Scenario 5 Seasonal or Variable Income 12–24 months bank statements
    CPA or Tax Preparer P&L    		 Income is averaged to account for seasonality and cash flow swings.

  • How to Prepare for a Bank Statement Loan

    StepWhat to DoWhy It Matters
    1. Gather Bank Statements Collect 12–24 months of consecutive statements from personal and/or business accounts. Shows consistent income and helps your lender verify cash flow.
    2. Prepare a Profit & Loss Statement Have a CPA or licensed tax preparer create a P&L with accurate income and expenses. Highlights your business income and aligns with deposits in your bank statements.
    3. Organize Your Accounts Clearly separate business and personal accounts; show consistent deposits. Makes it easy for the lender to verify income and demonstrates financial responsibility.
    4. Review Your Credit Check your credit score and address any outstanding issues before applying. Bank statement loans still consider credit history, so this can impact approval.
    5. Keep Documentation Ready Prepare ID, business licenses, or other supporting documents. Being organized speeds up processing and demonstrates reliability.
    6. Communicate With Your Loan Officer Discuss your unique income scenario and clarify which documents are needed. Helps ensure the lender reviews your situation correctly and avoids delays.

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  • Frequently Asked Questions

    Q1: What is a bank statement loan?

    A bank statement loan is a mortgage program for self-employed or irregular income borrowers, where lenders qualify you based on your bank statements and a Profit & Loss (P&L) statement instead of W-2s or traditional pay stubs.

    Q2: Who qualifies for a bank statement loan?

    Self-employed individuals, freelancers, consultants, artists, contractors, or anyone with seasonal or irregular income can qualify, as long as their income is documented in bank statements.

    Q3: How many months of bank statements are needed?

    Typically 12 months for personal and/or business accounts, but some scenarios (like seasonal income) may require 24 months. The exact requirement depends on your income structure.

    Q4: Is a Profit & Loss statement always required?

    No. If you use a combined account or business accounts only, a P&L prepared by a CPA or tax professional is required. If you maintain separate personal and business accounts, only personal bank statements are used, and a P&L may not be needed.

    Q5: Can I qualify if my income is seasonal or irregular?

    Yes. Lenders will review 12–24 months of bank statements to determine steady cash flow. Seasonal fluctuations are averaged to calculate qualifying income.

    Q6: What else do I need to prepare for a bank statement loan?

    Besides bank statements and a P&L (if required), prepare identification, business licenses, credit history, and any supporting documents your lender may request. Being organized helps speed up the approval process.

    Q7: How do I get started?

    Contact our loan specialists to discuss your unique income situation. They will guide you on which documents you need and help you determine which scenario fits your situation.