Navigating the mortgage process as an entrepreneur can present unique challenges, but did you know there are specialized loan programs that consider variable income and distinctive financial situations? Enter the Bank Statement mortgage loan program.
What is the Bank Statement Loan Program?
A tailored solution for self-employed borrowers, the Bank Statement loan program verifies income based on personal or business bank statements instead of traditional methods such as tax returns, W-2’s, or paystubs.
Key Features
100% Ownership Not Required:
Accommodating a variety of business ownership tiers, the Bank Statement loan program does not require you own 100% of the business.
Vast Audience:
Generally used by self-employed individuals, small business owners, or independent contractors, the Bank Statement loan program provides a loan solution for self-employed individuals who are creditworthy and may not otherwise qualify for a home loan.
1099 Income Loan Program Option:
For 1099 workers who file using a W-9 but may not be able to qualify for a mortgage under Agency guidelines, a 1099 Income loan program is available as an alternative. This may include freelancers, contractors, and gig economy workers.
Considerations
Flexibility:
The Bank Statement loan program provides a mortgage option for those with non-traditional income streams.
Accessibility:
A loan program that opens the doors to homeownership for small business owners, entrepreneurs, freelancers, and more.
Documentation:
Additional documentation may be required including personal or business bank statements and profit and loss (P&L) statements.
As a local business, we thrive in support of the entrepreneurial spirit by providing mortgage solutions catered to the self-employed. Want to learn more? Contact our team today.