Bank Statement Home Loans Designed for Self-Employed Professionals
Why Choose Our Bank Statement Mortgages?
No Tax Returns or W-2's Required
Qualify based on your gross business revenue - perfect for self-employed individuals who maximize tax write-offs.
Higher Qualifying Income
We analyze your actual cash flow, not just your taxable income, helping you qualify for a higher loan amount.
Lower Down Payment
Just 10% down payment required, significantly less than what most banks require from self-employed borrowers.
Top Bank Statement Mortgage Lender for Self-Employed Borrowers
Barrett Financial Group | NMLS #239185
Top Rated Self-Employed Mortgage Lender
Self-Employed & 1099 Bank Statement Loans
Same Day Approval & Fast Close
Competitive Rates From 50+ Lenders
Loan Amounts $200,000 to $6,000,000
620 Minimum Score Requirements
Frequently Asked Questions
How do bank statement loans differ from traditional mortgages?
Traditional mortgages rely on tax returns and W-2s to verify income, which often understate a self-employed person's true earning capacity due to legitimate tax deductions and write-offs. Bank statement mortgages instead use your deposit history from personal or business bank accounts to verify income. This provides a more accurate picture of your actual cash flow and financial capacity. Our underwriters are specially trained to analyze these deposits and calculate a reliable income figure that better reflects your ability to repay a mortgage, all without requiring the traditional documentation that disadvantages business owners.
What documentation will I need to provide?
The documentation process is refreshingly simple compared to traditional loans. Typically, we require: 1) 12-24 months of personal or business bank statements, 2) Proof of self-employment for at least 2 years (LLC Filing, business license, letter from CPA, etc.), 3) Standard mortgage documentation (ID, proof of assets, etc.), and 4) A brief explanation of your business model. You won't need to provide tax returns, profit and loss statements, or year-to-date income statements that are typically required with conventional loans. This streamlined approach eliminates the excessive paperwork that makes traditional mortgages so cumbersome for self-employed borrowers.
What credit score do I need for a bank statement mortgage?
For our most competitive rates and terms, we recommend a credit score of 700 or higher. This credit tier unlocks our premium programs with the lowest down payment options starting at just 10%. However, we understand that entrepreneurs and business owners sometimes face credit challenges while building their businesses. We have flexible programs available for credit scores down to 620, with slightly higher down payment requirements. Our loan specialists can review your specific situation and recommend the best program based on your credit profile, often with guidance on how to quickly improve your score if needed.
What down payment is required for bank statement loans?
For well-qualified borrowers with credit scores of 700+, we offer down payment options as low as 10%. This is significantly lower than many other lenders offering bank statement programs, who typically require 20-25% down. Our competitive 10% down payment option helps you preserve capital for your business while still accessing favorable mortgage terms. If your credit score is between 660-700, we offer options with 15-20% down payments and credit scores 620-659 we have options with higher down payment requirements. These flexible options ensure that self-employed borrowers can find a solution that balances their homeownership goals with their business capital needs.
How long does the approval process take?
Our streamlined bank statement mortgage process typically takes less than 30 days from application to closing. If you have an appraisal in hand, we can often close in 15 days or less which is substantially faster than our competitors. We can usually provide a pre-approval within 24-48 hours of receiving your application and a short list of docs. This efficiency gives you a competitive edge in the housing market, allowing you to make confident offers with quick closing timelines. Sellers often prefer working with buyers who have our pre-approvals because they understand we specialize in these types of loans and can close reliably on schedule.
What types of properties can I purchase with a bank statement loan?
Our bank statement programs are available for a wide range of property types including primary residences, second/vacation homes, and investment properties. You can purchase single-family homes, townhouses, condos, and in many cases, 2-4 unit multi-family properties. These loans are ideal for both move-up buyers wanting a nicer primary residence and 1st time home buyers. For investment properties, we can often include potential rental income in the qualification calculation, making it easier to qualify for these purchases even without using your tax returns.
Stop Letting Tax Write-Offs Limit Your Home Buying Power
As a business owner, you shouldn't be penalized for legal tax strategies. Our bank statement programs look at your real cash flow, not just your taxable income.
Licensing:
John Peisner | NMLS #239185 | nonqmmortgagebrokers.com powered by Barrett Financial Group, L.L.C. | NMLS #181106 | 8485 W Sunset Rd Suite 202, Las Vegas, NV 89113| AZ 0904774 | CA 60DBO-46052 & 41DBO-148702 Licensed by Dept. of Financial Protection & Innovation under the California Residential Mortgage Lending Act. Loans made or arranged pursuant to a California Financing Law License | CT ML-181106 | FL MLD1880 | GA 181106 | HI 181106 | ID 2080181106 | IL MB.6761630 view reinvestment notice barrettfinancial.com/illinois-reinvestment
| MN MN-MO-181106 | NV 5091 | NJ | NC B-203722 | OR | PA 92105 | TN 204577 | TX view complaint policy at barrettfinancial.com/texas-complaint | VA MC-7357 & MC-7357 | WI 181106BA & 181106BR | Equal Housing Opportunity | This is not a commitment to lend. All loans are subject to credit approval. | nmlsconsumeraccess.org/EntityDetails.aspx/COMPANY/181106 barrettfinancial.com |
Barrett Financial Group, L.L.C is a NMLS Licensed, independent mortgage company that provides mortgages for borrowers. Barrett Financial Group is not affiliated with any Govenment agency. All terms subject to credit approval and this is not a commitment to lend. Not all applicants will qualify.
