Loan Program
Bank Statement Loan in Texas
A loan that may use bank statements to show self-employed income.
What is a bank statement loan?
A bank statement loan may use your bank statements to show your income, instead of tax returns alone. Self-employed borrowers often look at one. It isn't a qualified mortgage, and who's eligible depends on the lender and your situation.
Who looks at a bank statement loan
- Self-employed borrowers
- Business owners
- Borrowers whose income isn't a regular paycheck
Where a bank statement loan can help
- Income reviewed from bank statements
- May suit self-employed borrowers
The steps, in order
A first conversation, then a review of your goals and finances, then comparing loans. After that come a secure application, your documents, underwriting, and final approval and closing. No approval is implied before underwriting.
- 1.A first conversation
- 2.A review of your goals and finances
- 3.Comparing loans
- 4.A secure application
- 5.Your documents
- 6.Underwriting
- 7.Final approval and closing
What to weigh with a bank statement loan
- Rates and terms may differ from a conventional loan
- A larger down payment may be required
What a lender reviews for a bank statement loan
- Your bank statement history
- Credit review
- Proof that you own the business
Property rules for a bank statement loan
- • The type of home and the appraisal
Documents for a bank statement loan
- Personal or business bank statements
- Business documents
- ID
The down payment on a bank statement loan
Mortgage insurance on a bank statement loan
Questions to ask Bert about a bank statement loan
- Does my situation fit this kind of loan?
- What documents will I need?
- What costs should I plan for besides the down payment?
- How many months of statements will I need?
Talk it through with Bert
Program availability and eligibility vary. Ask Bert whether this loan fits your situation.
Schedule a CallImportant
This is educational information, not a commitment to lend or a guarantee of eligibility. Eligibility, pricing, rates, and terms depend on the borrower and transaction. A licensed mortgage professional must review your complete scenario.