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"Bank Statement" Loans – Great Option for Self-Employed Borrowers

Self-Employed Borrower

Self-employed? You already know that getting a mortgage loan is a challenge, even if your business is doing well.

Many lenders are so risk-adverse that they only offer traditional "qualified mortgages" with their traditional requirements. There's no consideration of the differences between self-employment income and being on a company payroll.

But for the self-employed, there are alternatives in today's market, non-prime loans that recognize the self-employment difference and have developed alternatives for income verification.

Is a Non-Prime right for me?

  • 12-24 months of personal and/or business bank statements used in lieu of income tax returns
  • Average monthly income calculated from total of 12-24 month period
  • Borrowers with a lower credit rating
  • Credit scores down to 500 may qualify
  • Loan amounts up to $1.5 million
  • Recent credit events such as bankruptcy, short sale, foreclosure and history of late payments are acceptable
  • Single-family homes, townhouses and condos are allowed
  • Fixed and Adjustable Rate Programs available

If you're self-employed and need a mortgage, check out a loan product that allows for bank statements to verify income – it may be your best choice.