Mortgage loan programs
Bank Statement Mortgage Loans for Self-Employed Buyers
A bank statement mortgage may help an eligible self-employed homebuyer whose tax returns do not reflect the income available for qualification. LendEase lists 12- and 24-month bank statement options among its Non-QM programs, subject to lender availability and review.
How are bank statements used?
The lender evaluates acceptable statements under its own income-calculation rules. Deposits are not automatically the same as qualifying income: transfers, business expenses, account ownership and the source of funds may affect the review. Ask which personal or business accounts are acceptable and which statement period applies to your scenario.
What should I prepare for our conversation?
- Your self-employment or business history and the available statement period.
- Whether statements are complete and which accounts the lender will accept.
- How business expenses, transfers and irregular deposits will be evaluated.
How should I compare my options?
Compare this with a 1099 or P&L program if those records better explain your earnings. Different documentation methods can produce different qualification results; ask which option fits the records you actually have.
Confirm whether the program fits a primary residence, second home or eligible investment property. Availability depends on the lender and transaction. A documentation option does not remove the requirement for accurate information, borrower qualification or underwriting approval.
Subject to lender guidelines, borrower eligibility, property requirements and underwriting approval. Program availability and documentation requirements vary.