Bank Statement Loan
Defined by Onias Derilus, Mortgage Capital · NMLS# 1859012 · Florida licensed mortgage broker
A bank statement loan qualifies you on deposits, not tax returns. Lenders review 12 to 24 months of bank statements. They use the deposits to gauge income.
What Bank Statement Loan means
It suits self-employed buyers whose returns show heavy write-offs. The statements show real cash flow. That cash flow drives the approval.
Florida example
A Florida business owner has strong deposits but low taxable income. A bank statement loan uses the deposits. It qualifies them without tax returns.
Income from your deposits
A bank statement loan qualifies you using your bank deposits instead of tax returns. Lenders review 12 to 24 months of statements and average your deposits to set your income.
It is built for self-employed Florida buyers whose tax returns show low net income after write-offs but who have strong cash flow.
The trade-offs
Bank statement loans usually ask for a larger down payment and carry a slightly higher rate than a standard loan. In exchange, you skip the tax-return hurdle.
For many business owners, the higher borrowing power is worth it. Reach out and we will see if a bank statement loan gets you more home.
Related program: Learn more →