What is a Bank Statement Program?

A Bank Statement Program or self-employed mortgage is a great option for borrowers who do not have the tax documents available to prove their ability to pay for a mortgage. These types of loans are used by entrepreneurs, freelancers, or other individuals that do not have a consistent or traditional income stream. A Bank Statement Program can be applied to owner-occupied, 2nd homes, vacation homes, or investment properties, with loans up to $5 million. See if a bank statement program or self-employed mortgage is an option for you by calling the Score Team at (314) 607-5566!

Who is eligible for a Bank Statement Program?

While tax returns are not required, a Bank Statement Program does require 2 years of self-employment, one year of personal bank statements (or 2 years of business bank statements) and a credit score greater than 600.

Benefits and Features of the Bank Statement Program

  • A loan option

    If you work as a consultant, freelancer, small business owner, or in any other position that causes your cash flow to be inconsistent, a Bank Statement Program is an option when traditional loans may not be.

  • A refinancing opportunity

    For those who have left the traditional workforce since purchasing their home, a Bank Statement Program is a great to pathway to refinancing (using your bank statement loans).

  • An easier way

    As your actual bank statements serve as a means of qualifying, a Bank Statement Program can actually help in getting a loan relatively easily. In fact, you may even qualify for a bigger home than you would with a traditional mortgage.