Owning a home is one of life s biggest financial goals but for self-employed professionals, passing for a mortgage can feel out of strain. Traditional loans rely heavily on W-2s, pay stubs, and tax returns, which don’t always reflect the real income of modest byplay owners, freelancers, or contractors. That s where volunteer a smarter, more realistic solution.
These loans are designed specifically for self-employed individuals who have steady cash flow but fight to meet traditional loaning requirements. At Duane Buziak Mortgage Broker, we help borrowers voyage this elastic loan pick so they can become homeowners without extra hurdle race.
What Are Bank Statement Loans?
Bank Statement Loans are a type of non-qualified mortgage(non-QM) that allow borrowers to turn up income using 12 or 24 months of personal or byplay bank statements, instead of traditional documents like tax returns or W-2s. Lenders forecast your pass income supported on your monthly deposits, which provides a more precise view of your real salary.
This loan type is nonpareil for:
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Entrepreneurs and business owners
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Freelancers and consultants
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Real estate agents and brokers
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Rideshare and rescue drivers
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Independent contractors
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Gig economy professionals
If your income doesn t fit into the neat boxes required by conventional loans, a bank command loan can be your path to homeownership.
How Do Bank Statement Loans Work?
Bank instruction loans use an average out of your monthly deposits over a 12- or 24-month time period to determine income . You ll need to supply:
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Personal or stage business bank statements
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Proof of self-employment(such as a stage business license, LLC support, or CPA letter)
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A good seduce(usually 620 or higher)
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A down defrayment(typically between 10 and 20)
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A steerable debt-to-income(DTI) ratio
Some lenders may also bespeak a year-to-date profit and loss instruction or additional check, depending on the loan program.
Unlike conventional mortgages, these loans don t require tax returns or W-2s. This makes them especially useful for borrowers who recoup significant business expenses that lour their rateable income.
Benefits of Bank Statement Loans
1. No Tax Returns or W-2s Required
Forget the strain of preparing detailed tax filings. Bank statement loans sharpen only on your bank deposits, providing a realistic way to condition supported on the money you re actually earning.
2. Flexible Documentation Options
You can take to undergo byplay or subjective statements, or a of both whichever better reflects your business situation.
3. Ideal for High-Income, Low-Taxable Income Borrowers
If you de jure spell off many expenses as a stage business owner, your assessable income may appear turn down than your real salary. Bank command loans wor that make out by relying on revenue income.
4. Loan Options for Purchase, Refinance, or Cash-Out
These loans aren t just for first-time buyers. You can use a bank command loan to refinance an present Mortgage licensing help or pull cash out of your home s for stage business expanding upon or debt .
5. Common-Sense Underwriting
Unlike big banks with rigid rules, non-QM lenders take a personal approach. They judge your full commercial enterprise see not just what s on wallpaper.
Are You a Good Fit for a Bank Statement Loan?
You may profit from this type of loan if:
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You ve been self-employed for at least two years
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Your bank deposits show homogeneous income
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You ve been declined by conventional lenders due to low ratable income
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You want a simpleton, efficient path to home financing
Duane Buziak workings nearly with clients to psychoanalyse their fiscal lay and whether a bank program line mortgage is the right selection. With access to ternary programs and lenders, he ensures your loan is plain to your needs.
Work with a Mortgage Broker Who Understands You
At Duane Buziak Mortgage Broker, we understand that no two borrowers are likewise. We don t believe your of owning a home should be denied because you run your own stage business or earn income in a non-traditional way.
Duane takes the time to sympathize your income social organization, reexamine your bank statements in , and walk you through every step of the work. His extensive go through in Bank Statement Loans gives you an edge when navigating this specialized loan type.
Learn More from Duane on YouTube
In this helpful video recording, Duane breaks down the process, qualifications, and advantages of bank command mortgages for self-employed borrowers.
Duane is not just going to shop your rate, he has Realtors that give you back rebates, he has the last-place cost Title companies with no settlement fee and the most cost effective policy connections. Saving the normal node thousands more It’s not just about the rate, it’s about the whole box Duane always looks out for your penetrate line– the whole deal