(800) 321-8100Call the teamFor self-employed borrowers and business owners. Share a few details and the AFN team reviews which bank statement programs may fit.
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Self-employed borrowers often write off legitimate business expenses, which can leave the net income on their tax returns well below what the business actually produces. A bank statement loan looks at deposit activity instead, so the qualifying income picture may line up more closely with real cash flow.
Programs generally review 12 or 24 months of personal or business bank statements. An expense factor is typically applied to business accounts, and the resulting figure is used in place of tax-return income. Terms, ratios and eligibility vary by lender and by borrower scenario.
Owners whose returns show heavy write-offs and understate the cash the business generates.
Consultants, agents and contractors with steady deposits but non-traditional pay structures.
Borrowers with a shorter self-employed history than agency guidelines typically expect.
Items above are typical examples only. Required documentation varies by program, lender and borrower scenario.
Do I need tax returns?
Bank statement programs are designed to document income from deposits rather than returns. Some scenarios may still call for additional documentation.
How many months of statements?
Most programs review 12 or 24 months. Which one fits depends on the program and your deposit history.
Can I use these to refinance?
Purchase and refinance scenarios may both be available depending on the program and property.
The AFN team works with specialty programs every day. Here’s a quick look at what may fit your situation.
Designed with self-employed borrowers in mind.
For business owners and self-employed borrowers whose tax returns may not fully reflect their cash flow, bank statement programs may provide another way to document qualifying income.
Financing designed around investment-property cash flow.
Debt Service Coverage Ratio loans may allow qualifying real estate investors to use the property's expected or existing rental income as a key part of the qualification process rather than relying solely on traditional personal-income documentation.
More flexibility for borrowers with unique financial situations.
Non-Qualified Mortgage programs can provide additional options when a borrower's income, assets, property type or overall financial picture falls outside traditional agency guidelines.