Bank Statement Loan

A bank statement loan is a type of mortgage loan where the lender uses the borrower's bank statements to verify income instead of traditional documentation like W-2s or tax returns. It’s typically designed for self-employed individuals, freelancers, or those with non-traditional income sources who may have difficulty proving income through standard methods.

The lender reviews deposits in the borrower’s bank statements—usually over 12 to 24 months—to calculate average monthly income. These loans often come with higher interest rates and stricter requirements, such as larger down payments or higher credit scores, due to the perceived risk. They’re also known as non-QM (non-qualified mortgage) loans, as they don’t meet standard underwriting guidelines set by government-backed entities like Fannie Mae or Freddie Mac.

Get a Quick Quote

First Name *

Last Name *

Email *

Home Phone *

Loan Amount *

Property Value *

Loan Type *

Credit Score *

By providing your phone number and/or email and clicking "Submit" you agree to our Terms of Service and Privacy Policy and consent to receive marketing communications from Best Rate Capital Inc. via text, call, or email, including automated messages. To opt out, reply 'STOP' to any text. Message and data rates may apply.