Self-employed and tired of being punished for write-offs? A bank statement loan qualifies you on the deposits in your bank account, not the bottom line on your tax return.
A bank statement loan is a mortgage for self-employed borrowers that qualifies you on the deposits shown across 12 to 24 months of bank statements, instead of W-2s and tax returns. Your real cash flow does the talking.
If you are a business owner, 1099 earner, or entrepreneur, the write-offs that lower your tax bill also lower the income a traditional lender will count. A bank statement loan solves that by looking at what actually flows through your accounts.
Instead of your net income after deductions, the lender averages the qualifying deposits across your statement period to build your income. Business and personal accounts can both be used, depending on the program, and an expense factor is usually applied to business accounts to account for overhead.
We shop multiple wholesale lenders to find the bank statement program that fits your business.
Complex income is what we do every day, not a file we avoid.
You will always know where your loan stands, what comes next, and exactly what numbers to expect.
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Tell us how you get paid and we will map the fastest path to approval, whether that is a bank statement loan or a better-fitting option.
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Pillar Mortgage Group, LLC is an Equal Housing Lender, doing business in accordance with the Fair Housing Act and Equal Credit Opportunity Act.
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