Bank Statement Loan
Self-employed friendly option
- A type of alternative mortgage financing designed for individuals who have non-traditional income sources or may not meet the typical income verification requirements of traditional mortgages.
- These loans are often sought by self-employed individuals, small business owners, and those with variable income streams.
- Income and Credit qualifications are more flexible, however lenders who do these are fewer and often have stricter terms and offer higher interest rates.
Requirements
- Bank Statements
- Low to Mid Credit Score
- Low-to-Mid Debt-to-Income (DTI) Ratio
- Stable source of income
- Enough funds to cover downpayment and reserve funds
- Work history