Armed Forces Bank 320 Kansas Avenue Fort Leavenworth , KS 66027
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Bank Statement Loans
Bank Statement Loans
The mortgage process can be challenging for self-employed individuals and gig workers without conventional income documentation like pay stubs or W-2s. Bank statement loans offer a more flexible option, providing an alternative route to homeownership for those with non-traditional income sources.
- No Tax Returns Needed
- Borrow up to $1,000,000
- Minimum FICO score of 700
Bank Statement Loans Are Ideal For:
- Self-Employed Individuals: Business owners, freelancers, truck drives, and independent contractors with fluctuating income or significant tax deductions.
- Gig Economy Workers: Rideshare drivers, freelance designers, consultants, and others earning through contract or project-based work.
- Real Estate Investors: Those with income from rental properties or real estate investments that may not be easily verified through traditional documentation.
- Commission-Based Professionals: Realtors, insurance agents, and salespeople with commission-based income that varies from month to month.
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Advantages of Bank Statement Loans
- Flexible Income Verification: For self-employed individuals and gig workers with complex financial situations, bank statement loans offer more adaptable income verification, letting you qualify based on cash flow rather than taxable income.
- Potential for Higher Loan Amounts: Since lenders use actual deposits to calculate income instead of taxable figures, you may qualify for a larger loan, making it possible to afford a higher-priced home.
- No Need for Tax Returns: If you claim substantial business expenses or deductions on your tax returns, bank statement loans allow you to qualify without providing those documents.
- Homeownership for Non-Traditional Earners: Bank statement and Non QM loans give those with unconventional income streams better access to homeownership, creating opportunities for financial security and real estate investment.
Subject to Credit Approval
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Subject to credit approval. Fees apply. Only available in KS, MO, CO, AZ, and AR.
Purchase or rate term refinance of a single-family residence. Primary and secondary residence only (no investment). Maximum loan amount - $1,000,000. Borrower eligibility factors apply. Borrower must own at least 50% of the company to use business bank statements to qualify. Borrower must own at least 25% of the company to use personal bank statements to qualify. Self-employed borrowers are eligible. (conditions apply) Borrowers paid in cash are eligible. (conditions apply) Borrower with primary income of W2 and secondary income that is self-employed are eligible. (conditions apply) 100% W2 Borrower is not eligible for this loan product. Full appraisal dated within 120 days of closing required. Minimum credit score of 700 required.