Bank Statement Mortgage Loan Guidelines
The Bank Statement Mortgage Loan has more specific requirements compared to other loan programs. Learn more below to see if you can use this option when purchasing a home.
2 Year Self-Employment Required
Need to have been in business for a minimum of 2 years.
This program requires a minimum 620 FICO credit score.
50% Max DTI
Your debt-to-income ratio should be no more than 50%.
Overview of the Bank Statement Loan
The bank statement program allows self-employed borrowers the ability to qualify based on a 12 or 24 month average of deposits using their personal or business bank account. No tax returns are required to be eligible for this program.
Loans using this program can go all the way up to $3 million. The property purpose can vary from using it for owner-occupied, second homes and investment properties. The maximum Loan-to-Value ratio using the loan is 90% but also depends on your credit score.
Additional Benefits of this Program
There are additional pros of going with this program when purchasing your home.