Types of Bank Statement Loans Program
Business Bank Statement Program
Designed for self-employed borrowers, this program uses business bank statements to verify income and determine loan eligibility.
Profit and Loss (P&L) Statement Program
This program allows borrowers to use their profit and loss statements to demonstrate income, making it suitable for freelancers and contractors.
Personal Bank Statement Program
Ideal for borrowers with personal income streams, this program uses personal bank statements to assess income and qualify for a mortgage.
SECURE YOUR HOMEOWNERSHIP
Why Rely on Sistar Mortgage?
When it comes to bank statement loan programs, Sistar Mortgage stands out as one of the leading bank statement mortgage lenders. Our streamlined application process caters to borrowers with non-traditional income documentation, offering bank statements only mortgage loans. We understand that every borrower's situation is unique, which is why we work with a caliber of lenders who consider individual circumstances. Whether you're self-employed or have unconventional employment, we prioritize finding the right bank statement loan solution for you. Trust Sistar Mortgage for reliable guidance, exceptional service, and a commitment to helping you achieve your homeownership goals.
Who Can Benefit From Bank Statement Loans?
Many individuals seeking a conventional loan can benefit from its flexible down payment options, competitive interest rates, and customizable loan terms. Whether you're a first-time homebuyer or looking to refinance, conventional loans provide a reliable and accessible financing solution
Self-Employed Individuals
For self-employed borrowers who have non-traditional income sources, bank statement loans are a flexible financing option.
Freelancers and Contractors
Bank statement loans cater to freelancers and contractors who may have varying income streams and irregular pay schedules.
Small Business Owners
Small business owners can benefit from bank statement loans, leveraging their business revenue to qualify for financing.
Commission-Based Professionals
Bank statement programs allow commission-based professionals to use their bank statements to verify income and secure a mortgage.
Fueling Your Home Buying Journey
Set Up Your Loan Process In A Few Minutes
Provide Information
To provide optimal options, we first learn a little about you and your home-buying objectives.
Credit Review Process
You need genuine numbers if you want sellers to trust you. Receiving permission depends on your credit score.
Determine Financial Capabilities
Provide information about your income, regular expenses, and housing savings. Our mortgage lenders for refinancing will figure out your house's maximum price.
Create a Proposal
You may quickly alter your permission letter so sellers won't be aware if you submit an offer lower than what you've been authorized for.
No Tax Returns Required
Bank statement program loans offer the advantage of not needing to provide tax returns or transcripts.
Income Consistency
With regular monthly income deposits reflected in bank statements, lenders can assess your income stability.
Flexible Document Period
Bank statement lenders can review 12 or 24-month bank statements, accommodating varying financial situations.
Business Owner Friendly
Business owners can provide 12-24 months of P&L statements, eliminating the need for extensive tax documentation.
Other Available Loan Options
Discover additional loan options offered by Sistar Mortgage. Explore our array of loan options, including FHA, VA, Jumbo, and more. You will be guided to the ideal fit by our team of experts.
What Our Clients Have To
Say About Us!
“I felt Sistar Mortgage was an excellent fit for me. When they went through the procedure and gave me the specifics, the staff was kind and patient with me. The loan officer was kind, considerate, and thorough in his contacts.”
Ethan H
Great Experience
“They have excellent loan officers who educated me about loans. They’re extremely helpful in obtaining the best financing for us and getting us approved and ready to buy. Many thanks to Sistar Mortgage and Team!”
Benjamin Cooper
Team of Professionals
“We thoroughly recommend Sistar Mortgage’s loan officer and loan processor. Begin the mortgage lenders for refinancing. They made the loan application procedure simple.The process was as easy-going as we could have hoped. I appreciate everything.”
Olivia Miller
Highly Recommended
Frequently Asked Questions
A bank statement loan is a non-QM (non-qualified mortgage) program designed for self-employed borrowers, freelancers, and business owners who cannot document their income using traditional tax returns and W-2s. Instead of tax returns, lenders use 12 to 24 months of personal or business bank statements to calculate qualifying income.
Bank statement loans are ideal for self-employed individuals, entrepreneurs, independent contractors, gig workers, and small business owners whose tax returns show lower income due to legitimate business deductions. If your actual cash flow is strong but your taxable income is low, a bank statement loan may allow you to qualify for a mortgage you couldn't otherwise get.
Most bank statement lenders require a minimum credit score of 620 to 660. Some programs accept scores as low as 580, while the most competitive rates are reserved for borrowers with 700+. Because these are non-QM loans, lenders weigh multiple factors, including credit history, reserves, and LTV, together.
For personal bank statements, lenders typically use 100% of deposits after removing transfers. For business bank statements, a percentage of total deposits is used based on the business's expense ratio, commonly 40% to 50%. Lenders average deposits over 12 or 24 months to arrive at a monthly qualifying income figure.
Bank statement loans typically require 10–20% down, depending on the lender, loan amount, credit score, and property type. Some programs allow as little as 10% down for strong borrowers. Higher down payments often unlock better rates and lower reserve requirements.
Bank statement loans generally carry higher interest rates than conventional loans, typically 0.5% to 2% higher, because they carry more lender risk and are not sold to Fannie Mae or Freddie Mac. However, for self-employed borrowers who cannot qualify for a conventional loan at all, they provide critical access to homeownership and competitive real estate investment.
Yes. Many bank statement loan programs allow financing for investment properties in addition to primary residences and second homes. Down payment and reserve requirements are typically higher for investment properties. This makes bank statement loans popular among real estate investors with self-employment income.
Required documentation typically includes 12–24 months of personal or business bank statements, a business license or CPA letter verifying self-employment, and a signed P&L statement (for business bank statement programs). No tax returns or W-2s are required for income qualification.
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