Bank statement loans are nontraditional loans or expanded criteria loans that allow other forms of documentation to prove the ability to repay. Just as it sounds, a bank statement loan allows the borrower to verify his or her income with bank statements.
Bank Statement Features
Qualify with monthly bank statements using an average of your total deposits
Must be a business owner or self-employed for at least two years
The lender can look at 12 or 24-month bank statements
Must have a credit score of 660 or above.
You can get a bank statement home loan for as little as 10 percent down
Loan amount between $150,000 and $3,000,000. *
First-time home buyers are allowed, restrictions may apply
Must have 12 or 24 months of Bank Statements
Typically, we will accept a debt-to-income ratio of a maximum of 50 percent. *
Up to 80% LTV
You can borrow up to $3 million. *
Applicants must own 25% or more of the business