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Torres & Co. Lending > Non-QM Loan Solutions > Préstamos con extractos bancarios

Préstamos con extractos bancarios

Bank Statement Loan

What Is a Bank Statement Loan?

A bank statement loan is a type of non-qualified mortgage (Non-QM) designed for self-employed borrowers, independent contractors, and small business owners who may not qualify using traditional income documentation like W-2s or tax returns. Instead, lenders use personal or business bank statements to calculate income and determine eligibility.

How It Works

  • Borrowers provide 12–24 months of personal or business bank statements instead of tax returns.
  • Lenders average deposits to determine qualifying income.
  • Some programs allow expense ratios to be applied to business accounts, while personal statements often use total deposits.
  • Verification of consistent income flow is key to approval.

Down Payment Requirements

  • Typically requires a 10–20% down payment, depending on credit score and loan amount.
  • Some lenders may allow higher loan-to-value (LTV) with stronger credit profiles.

Credit Score Requirements

  • Minimum FICO score of 620–660, depending on lender.
  • Higher credit scores (700+) generally allow for lower down payments and better rates.
  • Some lenders may apply overlays, such as requiring higher reserves or stricter DTI limits

Fun Facts & Insider Details

  • Both personal and business bank statements may be used, depending on the program.
  • Expense ratios (often 50%) are applied to business statements unless verified by a CPA.
  • Some programs allow 1099 income to be considered similarly to bank statement programs.

Who Is the Best Candidates for a Bank Statement Loan?

  • Self-employed borrowers with significant write-offs on tax returns.
  • Independent contractors and freelancers paid via deposits instead of payroll.
  • Small business owners with consistent cash flow but lower reported taxable income.
  • Buyers who may not qualify under conventional or FHA guidelines but have strong income shown in bank deposits.

Important Things to Know

  • These are considered Non-QM loans, meaning they don’t meet standard Fannie Mae or Freddie Mac guidelines.
  • Interest rates are generally higher than traditional loans, but flexibility makes them attractive for self-employed clients.
  • Borrowers must show stable deposits and may need to document business ownership with licenses or CPA letters.
  • Loan amounts can be high, with many lenders offering jumbo bank statement loans.
  • Reserve requirements may apply (often 6–12 months of mortgage payments in savings).

FAQs – Standard 97% LTV Loan

  • No. While they also allow 3% down, HomeReady and Home Possible have income and area restrictions. The Standard 97% loan is broader but requires at least one borrower to be a first-time buyer.

  • No. This program is limited to 1-unit primary residences.

  • Possibly. If all borrowers are first-time buyers, at least one will need to complete an approved education course.

  • No. PMI can be removed once you reach 20% equity.

Next Step

If you are self-employed or an independent contractor and have struggled to qualify for a traditional loan, a bank statement loan may be the right solution. Contact Torres & Co. Lending today to review your bank statements and begin the pre-approval process.

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⚖️ Disclaimer: This guide is for educational purposes only. Loan approval and terms depend on credit, income, assets, property type, and program guidelines.

Torres & Co. LendingPréstamos con extractos bancarios