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.
Step 1
Check Eligibility
Step 2
Payment Option
Step 3
Get Approved
Step 4
Close the Loan
Step 5
Repayment & Loan Terms
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.
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)