Bank Statement Loans
Have you been turned away for a mortgage loan because you tried to apply for a mortgage without a W-2 or paycheck to verify your income?
This is a very common occurrence for self-employed borrowers who do not have traditional employment situations.
The good news is that you don't actually need to be a traditional W-2 employee to purchase a home.
What is a Bank Statement Loan?
Traditional loans will generally require tax returns, W-2s and paycheck stubs in order to verify a borrower’s income. A bank statement loan allows personal or business bank statements to calculate income without requiring tax returns or a W-2.