Mortgage Glossary
Bank Statement Loan
Defined by Onias Derilus, Mortgage Capital · NMLS# 1859012 · Florida licensed mortgage broker
A bank statement loan is a non-QM mortgage that qualifies self-employed borrowers using 12 to 24 months of bank deposits instead of tax returns or W-2s.
What Bank Statement Loan means
Lenders average your deposits to estimate income, applying an expense factor for business accounts. This helps owners whose tax write-offs make their reported income look too low for a traditional loan.
Florida example
A Florida restaurant owner who shows $40,000 in taxable income after deductions but deposits $14,000 a month can qualify on roughly $120,000–$150,000 of bank-statement income. Expect a slightly higher rate and 10–20% down.
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