Bank Statement Loans
Ideal for self-employed or freelance workers, people who claim significant tax deductions, or anyone who would prefer to use a bank statement over a tax return in order to qualify for a mortgage. These loans are also perfect for anyone who feels their bank statement is a better representation of their finances rather than a yearly tax return when qualifying to pay a loan.
Intro to Bank Statement Loans
Loan Vault understands sometimes our finances are not as clear as a tax form. When that is the case, an exclusive loan might be the best route for you to secure your mortgage. In situations when bank statements are the best way to qualify for a rate, at Loan Vault we make sure to find the best rates and structures for your needs. In an area of loans where there are more tangibles to structuring your loan, make sure you apply with us to make sure you get the best loan and rates to fit your needs.
What is a Bank Statement loan?
A Bank Statement loan is a loan where you do not provide the typical financial documents like in standard loans. Instead you use your bank statement as proof of income and monetary backing in order to qualify for a loan. These loans often come with many tangibles and higher rates and are recommended only if you have not been approved for standard loans. If that is the case, these loans allow for large down payments and flexible credit scores to secure loans for your mortgage. Reach out to one of our trusted Loan Officers to find out if this is the best loan for you, and rest easy knowing we do the work so you don’t have to.
These loans:
- Allow for low credit scores required with excellent bank statements
- Do not require pay stubs or tax returns when seeking a loan
- Allowance for higher debt-to-income ratios
Is an Bank Statement Loan Right For You?
Requirements to keep in mind when considering a bank statement loan:
- 12-24 months of bank statements
- Proof of 2 years self-employment
- Funds to cover several months of mortgage payments (reserves)