Bank Statement Loans for Clients with Alternative Income
Bank statement loans help would-be homeowners get approved for mortgages using unconventional documentation. Our bank statement clients provide personal or business bank statements rather than tax documents, payroll checks and other typical mortgage qualification paperwork. This is a type of low doc (low documentation) loan, which are great options for clients who have difficulty quantifying their income through traditional documentation. Self-employed clients, consultants, contract workers and people who have inherited funds are just some of the people we commonly approve for bank statement mortgages at Dick Lee Mortgage. Our mortgage pros work with clients in Newton, Needham, Boston, Framingham, and nearby Massachusetts. Contact us with your questions and explore your loan options.
Bank Statement Loans Open the Door to Financing
To qualify our bank statement loan applicants, we typically ask to see 12-24 months of personal bank statements or profit and loss statements for our self-employed clients. These documents allow our professionals to determine a client’s loan worthiness in lieu of examining tax documentation or paystubs.
Common bank statement loan borrowers include:
- Self-employed business owners
- Commissioned and seasonal employees who may not receive regular or consistent paychecks.
- Borrowers who have steady income through a pension, investment, trust, or other regular source of funds other than a job with regular paychecks.
It is important to keep in mind that your bank statements or profit and loss statements must show your capability to pay mortgage payments as well as pay for your down payment, closing costs and mortgage insurance if your down payment is less than 20%.
Bank Statement Loan Uses
You can use a bank statement loan to purchase a primary home, a secondary home, vacation home, a condominium or virtually any other type of property. If you own a successful business, you can leverage it to get financing with great rates on a home you love. We also offer commercial bank statement loans in some cases for business clients looking for real estate.
Get Started Today
The Dick Lee Mortgage professionals are here to help you find financing that helps you get into the home of your dreams. At Dick Lee Mortgage, we have more flexibility than big bank lenders, and we can provide fast approval for bank statement loans. We help clients in Newton, Needham, Boston, Framingham, and surrounding Massachusetts neighborhoods. Contact us to start the journey toward homeownership.