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Bank Statement Loans: Qualify Without Tax Returns or W2s — Great for 1099 and Self-Employed Borrowers
❌ Can't show enough income on tax returns
✅ Solution: Use 12–24 months of bank deposits instead — no tax returns required.
❌ Self-employed income is too complex for traditional lenders
✅ Solution: Lenders focus on actual deposits, not P&Ls or write-offs.
❌ Frustrated by constant document requests
✅ Solution: One-time submission of business/personal bank statements simplifies the process.
❌ Lost deals due to long approval timelines
✅ Solution: Faster underwriting — no traditional income docs = less friction.
❌ Tax return requirements make it hard to show your true income
✅ Solution: Bank statement loans use your actual bank deposits, giving a clearer picture of your earning power—no tax returns needed.
Talk with a mortgage expert who specializes in real estate investors and self-employed borrowers. Learn your best-fit loan options in just 15 minutes.
Frequently Asked Questions:
Who are bank statement loans designed for?
Primarily self-employed borrowers who write off expenses on tax returns and need alternative income documentation.
How is income calculated?
Lenders average 12 or 24 months of business or personal bank statements. Deposits are analyzed to determine income.
Can I qualify if my income varies month to month?
Yes. Lenders average your monthly deposits over 12–24 months to account for seasonal or inconsistent income.
What if I have multiple bank accounts?
You can use multiple accounts as long as they are consistent and verifiable, but it’s best to consolidate income into one primary account for clarity.
Do bank statement loans require a high credit score?
Most lenders accept a credit score of 640 or higher for bank statement loans. But if your credit score is at the lower end of 640, you may need a higher down payment.
Can I refinance with a bank statement loan?
Yes, you can refinance your home or investment property using bank statement income to qualify.
What is the minimum down payment required?
Down payments can start as low as 10%, but most programs require 15–20% depending on credit and loan amount.
Do I need a CPA or Tax preparer letter?
Yes, many lenders require a CPA or tax preparer with a PTIN (Paid Preparer Tax Identification Number) to provide a letter confirming the borrower’s self-employed status and, in some cases, the business expense ratio.
How are business expenses handled?
Lenders typically apply a standard expense factor (e.g., 50% or 20%) to the borrower’s income, but this can vary. Some lenders may accept a more precise business expense ratio if provided by a CPA or tax preparer.
What kind of bank statements are acceptable for a bank statement loan?
Lenders typically accept either business or personal bank statements to document income, depending on the structure of the borrower’s self-employment.
Begin your secure loan application now—ideal if you’re under contract, refinancing, or ready to move forward.
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This website is owned and maintained by Orlando Concepcion, a licensed Mortgage Loan Originator NMLS ID: 2303331 affiliated with Jet Direct Mortgage. The information provided is for educational and informational purposes only and does not constitute a mortgage application, loan offer, or official advice. This site is not affiliated with Jet Direct Mortgage and is intended solely as a personal platform to help consumers better understand real estate investing and Non-QM mortgage solutions such as DSCR, bank statement, and profit & loss loans. If you would like to apply for a mortgage or speak with Orlando in his official capacity as a licensed loan originator, please visit: https://jetdirectmortgage.com/orlando/