Bank Statement Loans for Self-Employed Borrowers
A bank statement loan lets self-employed borrowers qualify using deposits into their bank accounts instead of the income shown on their tax returns.
Business owners often write off expenses, so their tax returns show less income than they really earn. That can make it hard to qualify for a conventional loan. A bank statement loan looks at your actual cash flow. It’s one of several Non-QM loans we offer.
Who it’s for
How it works
We review 12 or 24 months of personal or business bank statements. With business statements, an expense factor is applied to estimate your income, or a CPA-prepared figure is used. That income is then used to qualify you, much like a traditional loan.
Bank statement loans are a type of non-QM loan. Rates and down payment requirements are usually higher than conventional loans, but they can be the difference between buying now and waiting years.
What you need to qualify
- Generally two years of self-employment history (some programs accept less)
- 12 or 24 months of consistent bank statements
- Credit requirements that vary by program
- Documented down payment and reserves
Documents to have ready
- 12 or 24 months of personal or business bank statements (all pages)
- Business license, CPA letter or other proof of self-employment
- Proof of down payment and reserves
- Photo ID
How it works with Amerifi Lending
Frequently asked questions
Do I need tax returns at all?
Usually not to qualify for income. Some programs ask for other proof that your business exists, such as a license or CPA letter.
Personal or business statements: which is better?
It depends on how money flows through your accounts. We’ll look at both and use whichever gives you the stronger, cleaner qualification.
Can I refinance later into a conventional loan?
Yes. Once your tax returns support the income, refinancing into a conventional loan is a common next step.
Helpful guides
Related loan options
Ready to see what you qualify for?
Have questions? Call or text us, or start your application online. There is no cost to find out what you qualify for.
- No cost to find out what you qualify for
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