Bank Statement Loans - For Self-Employed Borrowers. No Tax Returns Needed.
At Crestico, we offer Bank Statement Loans tailored for self-employed individuals who may find it challenging to provide traditional tax returns.
Frequently Asked Questions (FAQs)
What is a Bank Statement Mortgage?
A bank statement mortgage is a home loan program that allows borrowers to use their bank statements to verify income, rather than relying on tax returns or W-2s. This alternative documentation option is ideal for self-employed individuals who often have significant tax write-offs, making it difficult to prove sufficient income to qualify for a traditional mortgage. Crestico Funding's bank statement loan programs accept either personal or business bank statements to help borrowers qualify.
Can a Self-Employed Person Get a Mortgage?
Yes, self-employed borrowers can qualify for a mortgage through Crestico Funding’s specialized non-QM mortgage programs. Each borrower is evaluated on a case-by-case basis, considering factors such as credit score, income, profits, and more to determine the right loan solution. Due to the unique financial circumstances of self-employed individuals, alternative documentation may be required to verify income. Crestico Funding’s bank statement loan program is designed specifically to help self-employed individuals, small business owners, and entrepreneurs secure financing.
Can I Refinance with a Bank Statement Loan Program?
Yes, rate and term refinancing is available through Crestico Funding’s bank statement loan program. For more details, reach out to one of our account executives.
Step 1
Check Eligibility
Step 2
Payment Option
Step 3
Get Approved
Step 4
Close the Loan
Step 5
Repayment & Loan Terms
Bank Statement Loan
A bank statement loan is a mortgage option that enables self-employed borrowers to verify their income using personal or business bank statements, instead of traditional documentation like tax returns, W-2s, or paystubs. This type of loan is commonly used by self-employed individuals, small business owners, and independent contractors. Borrowers don’t need to own 100% of the business. Our Bank Statement program offers a lending solution for creditworthy self-employed individuals who may otherwise struggle to qualify for a traditional home loan.
- Loans up to $4 million with a minimum loan amount of $150,000
- Available for purchase, cash-out, or rate-term refinances
- Financing for owner-occupied, second homes, and investment properties
- Accepts 12 or 24 months of business or personal bank statements
- Borrowers can own as little as 25% of the business
- Two years’ seasoning required for foreclosure, short sale, bankruptcy, or deed-in-lieu
- 1099 option available for income verification
- Profit and Loss (P&L) statements are valid for income verification
- Permanent and non-permanent residents are eligible
- Loans qualified using a default 50% expense factor; businesses with a lower expense factor may require a third-party statement from a CPA, tax preparer, or bookkeeper (some industries, like restaurants, may use a 70% expense factor)