Bank Statement Loans
Not everyone fits in the small box of the old traditional mortgage loans. With many different types of people, you need many different types of mortgages. Some hopeful borrowers have a solid history of financial responsibility and a strong credit rating but haven’t been able to get traditional home financing due to income or self-employed status — that’s why we offer CCM’s Signature Expanded Bank Statement Loan.
What is a bank statement loan?
Our Signature Expanded Bank Statement Loan is exactly what it sounds like. Self-employed workers are still workers who still earn a living. You may not have the documentation, but all you need is a bank statement, and you can get qualify for a home loan with CCM, whether you’re purchasing or refinancing.
It’s an alternative way to qualify when others simply say no. Just because your finances may seem complicated, we offer a simple solution. With just an average of your deposits over a 12- or 24-month period, you can be eligible. Want to see if you qualify?
Non-QM loans
Some people looking for a mortgage have unique financial situations — more unique than others. So they struggle to qualify for a loan. A perfect example is a self-employed worker who doesn’t have W-2s to show at the time of application. In the past, mortgage lenders wouldn’t approve such an applicant because there’s no viable proof that they have the funds and ability to repay the loan.
But times are different at CCM. Here, the borrower is not out of opportunities to get approved. With Non-Qualified Mortgage loans (Non-QM), we offer borrowers loan products for those who don’t fit the profile for a typical mortgage. From self-employment and foreign investors to retirees and divorcees, we find a loan to fit nearly any borrower.
How do bank statement loans work?
A bank statement loan gives you the chance to get approved for a mortgage using your bank statement instead of tax returns, pay stubs, or even W-2s.
Here’s how it works: with this type of loan, it’s not required that you prove your income through employer verification — rather, you provide CrossCountry Mortgage with your personal or business bank statements. A larger down payment may be necessary, and you may also need further documentation, including:
- 2+ years of self-employment history
Credit score - Debt-to-income ratio (DTI)
- Proof of liquid assets
- 12–24 months of bank statements
Who are bank statement loans for?
Bank statement loans are great options for people who are self-employed, independent contractors, gig workers, consultants, freelancers, small business owners, doctors, lawyers, or even full-time real estate investors who may qualify based on the revenue earned from their properties alone.
Bank statement loan requirements
Here are the following requirements when applying for a bank statement loan.
- Personal bank statements (12-24 months)
- No tax returns required
- Borrow up to 90% of the value of the home
- Debt-to-income ratio up to 50%
- Loans up to $3 million
- For primary and secondary homes and investment properties
- Non-warrantable condominiums
- No tax returns required
How to get a bank statement loan
Depending on your credit score, loan-to-value (LTV) ratio, and down payment ability, you could qualify for financing without having to prove regular income with W-2s and other traditional documentation. You don’t have to have perfect credit with CCM. We work with you to see you have the best chance possible for approval.
While your LTV ratio assesses your lending risk — the higher it is, usually the higher risk you are as a borrower. But you can still qualify for a bank statement loan with a high LTV ratio. All you have to do is talk to your CCM loan officer to see if you’re a good candidate — and we take care of the rest.
Bank statement loan FAQs
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Qualify using 12-24 months of your personal or business bank statements. You are not required to provide tax returns, W2s, pay stubs, or employment verification. This loan is available for purchase or refinance opportunities.
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If you meet the requirements, approval is easy. However, this loan does typically require a larger down payment.
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A 12-month bank statement loan provides a mortgage loan option for self-employed workers who do not qualify under traditional guidelines for conventional or FHA mortgage loans. This option allows applicants to demonstrate business and cash flow over 12 months with proof of bank statements.
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Between 12 and 24 months.
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Monthly income, monthly payments, expense history, cash reserves, and reasonable withdrawals help determine whether you can pay your mortgage loan.
