Bank Statement Loans

For Self-Employed Borrowers. No tax returns required.

A bank statement loan is a type of mortgage that allows self-employed borrowers to verify their income based on their personal or business bank statements, rather than traditional methods like tax returns, W-2s, or paystubs. Bank statement loans are generally used by self-employed individuals, small business owners, or independent contractors. Borrowers do not have to own 100% of the business. Our Bank Statement program provides a loan solution to help underserved credit-worthy self-employed borrowers who otherwise would not qualify for a home loan.

640

Min Fico

(Up to 75% LTV)

90%

Max LTV

(Minimum 720 FICO)

Loans up to

$4 million

with a minimum of $150,000

12 or 24 months’

business or personal bank statements

Two years’ seasoning

for foreclosure, short sale, bankruptcy or deed-in-lieu

1099

option available

Purchase, Refi Cash Out, Refi Rate & Term, & Delayed Financing
Owner-occupied, second homes, and investment properties
Borrowers can own as little as 25% of the business
Profit and Loss (P&L) statements are a valid form of income verification
Permanent and non-permanent residents allowed
Loans will be qualified using a default expense factor of 50%. Companies with a lower expense factor will require a statement from a third party CPA, tax preparer, or bookkeeping company (some industries with traditionally higher expense factors will be underwritten with a 70% expense factor). Contact your AE for more details.
5/6 ARM, 7/6 ARM, & 30 year fixed options available
Loan Features: 2-1 Buydown, Adjustable-Rate Mortgage (ARM)

Contact Angel Oak

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FAQ’s

A Bank Statement Loan is a mortgage program for self-employed borrowers that qualifies income using 12 to 24 months of personal or business bank statements instead of tax returns.

Self-employed borrowers, business owners, and independent contractors with consistent deposit history and at least two years in the same line of work may qualify.

Lenders review total eligible deposits over a 12 or 24 month period. When business statements are used, an expense factor may be applied to determine qualifying income.

Yes. Rate and term refinancing is available for eligible borrowers based on credit profile, equity position, and verified bank statement income

Primary residences, second homes, and investment properties may be eligible under program guidelines.

What is the benefit to originators who use Non-QM loan products?

Originators who utilize Non-QM offer a service that their competition may not offer. They become an expert and go-to for the Non-QM borrower. The benefit is increased referrals and business growth despite changes in the market. Continue to increase your volume each year regardless of fluctuating interest rates, tighter Agency guidelines, and a slowing refinance market.

Additional Program Options

Bank Statement Questionnaire

Our bank statement questionnaire collects some basic information on your financial history and expenses. This information will be used to help assess financial stability.

Download Questionnaire