Bank Statement Program

Bank statement loans are not typical mortgages. A bank statement program is a home loan program that uses bank statements to calculate a borrower’s income.

This is an alternative documentation loan type instead of using tax returns and W-2s in the qualification process. These loans are for self-employed borrowers who typically have substantial tax write-offs that make it challenging to demonstrate the necessary income to prove their ability to repay the loan. The bank statement loan programs use either personal or business bank statements to qualify borrowers.

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Bank Statement Program requirements:

• Must provide 12 months of consecutive bank statements from the same account.
• 20% down payment required, or 10% with mortgage insurance.
• 45% maximum debt-to-income ratio.
• $1,000,000 maximum loan amount, $200,000 minimum.
• Must escrow for taxes and insurance.