Bank Statement Loans
At New Dwelling Mortgage, we understand that self-employed individuals often face unique challenges when it comes to securing a mortgage. Traditional loan requirements, such as proving consistent income through W-2 forms, may not apply to you if you own a business or work as an independent contractor. That's where the Bank Statement Loan program comes in designed specifically to help self-employed people like you purchase the home of your dreams.
Bank Statement Loans
Bank Statement Loans
What is a Bank Statement Loan?
A Bank Statement Loan is a flexible financing option that allows self-employed buyers to qualify for a mortgage using their personal or business bank statements instead of traditional tax returns or W-2 forms. This loan program takes into account your actual cash flow, which can be a more accurate reflection of your financial health.
Why Choose a Bank Statement Loan?
- No Tax Returns Needed: Skip the stress of providing multiple years of tax returns. Instead, we'll review your bank statements to evaluate your income.
- Simplified Qualification Process: Qualifying is easier for self-employed individuals, as your bank statements show your true income.
- Flexible Terms: We offer competitive rates and flexible terms to meet your specific needs.
Who Can Benefit from a Bank Statement Loan?
A Bank Statement Loan is ideal for self-employed buyers, including:
- Small Business Owners
- Freelancers & Contractors
- 1099 Commission-Based Professionals
Whether you're a seasoned entrepreneur or just starting out, this loan program is designed to help you navigate the home-buying process with fewer hurdles.
How Bank Statement Loans Work
For self-employed borrowers, we require the following:
- 12–24 months of personal or business bank statements.
- A minimum credit score, depending on the loan type.
- A stable banking history that reflects consistent deposits and income.
Our experienced team at New Dwelling Mortgage will work with you to determine the right program and guide you through the application process.
Still have questions on the Bank Statement Loan Process?
If you still have questions on the Bank Statement Process, please contact New Dwelling Mortgage at 1-844-317-3050, Monday through Friday from 9:00 am to 5:00 pm EST.