bank statement purchase loans

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A self-employed borrower bank statement purchase loan offers a unique path to homeownership tailored to the distinct needs of entrepreneurs, freelancers, and small business owners. Unlike traditional loans, these loans primarily use bank statements to verify income, making them an excellent choice for those with substantial income not fully reflected on tax returns. Over a period of 12-24 months, the bank statements give lenders a clear view of your cash flow and financial stability. While these loans may have slightly higher interest rates due to their perceived risk, they provide a valuable opportunity for self-employed individuals to secure a mortgage when conventional income documentation might not fully illustrate their earning power. Discover the potential of bank statement purchase loans today, and let your business's success pave your way to homeownership.

Begin the home buying journey on the right foot by securing a clear mortgage plan. Having a solid financial strategy in place will ensure that your home search is guided by practical considerations, rather than emotions alone.

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What Are Bank Statement Purchase Loans?

Bank statement purchase loans are non-traditional mortgage solutions designed for borrowers whose income isn’t accurately reflected on tax returns. Instead of using W-2s or pay stubs, lenders review 12-24 months of personal or business bank statements to determine income eligibility.

Key Features of Bank Statement Purchase Loans:

  1. Income Verification through Bank Statements:

    Lenders analyze consistent deposits to assess cash flow and earning power over time.

  2. Ideal for Self-Employed Borrowers:

    These loans cater to entrepreneurs, freelancers, and small business owners with fluctuating income.

  3. Flexible Qualification Standards:

    Designed for borrowers who may not meet traditional loan requirements but have strong financial stability.

  4. Potential for Higher Loan Limits:

    Based on cash flow rather than taxable income, these loans often allow borrowers to qualify for larger amounts.

  5. Higher Interest Rates:

    Slightly elevated rates reflect the lender’s risk but are balanced by the loan’s flexibility.

  6. Broad Property Eligibility:

    Applicable for primary residences, vacation homes, or investment properties.

Why Choose a Bank Statement Loan?

Bank statement loans are ideal for borrowers who:

  1. Are Self-Employed:

    • Traditional loan requirements often fail to capture the full earning potential of business owners or freelancers.

  2. Have Strong Cash Flow:

    • Consistent deposits in bank statements demonstrate financial stability.

  3. Seek Larger Loan Amounts:

    • A borrower’s cash flow may allow for a higher loan than what tax returns would support.

  4. Need Flexible Qualification Standards:

    • For those with non-traditional income or fluctuating earnings, bank statement loans provide a viable alternative.


Steps to Get Started

  1. Organize Your Bank Statements:

    • Gather 12-24 months of personal or business bank statements for lender review.

  2. Find a Lender Specializing in Bank Statement Loans:

    • Work with a lender experienced in non-traditional loans to ensure a smooth process.

  3. Get Pre-Approved:

    • Understand your budget and secure a pre-approval letter to strengthen your buying position.

  4. Search for Your Dream Home:

    • Look for properties that meet your needs, knowing your financial power.

  5. Complete the Application Process:

    • Provide necessary documentation, finalize the loan terms, and close on your home.

Getting pre-approved for a home loan is the crucial first step in your home buying journey. Here's why:

  • Know your budget - Pre-approval gives you an idea of what you can afford, allowing you to make informed decisions when shopping for a home.

  • Be a competitive buyer - Having a pre-approval letter shows sellers that you're a serious and committed buyer, making you stand out in a crowded market.

  • Streamline the process - The pre-approval process helps you identify any potential roadblocks early on, allowing you to address them before you find the home of your dreams.

  • Negotiate with confidence - Knowing that you have financing secured gives you the confidence to negotiate the best terms and price for your new home.

Mortgage for Self-Employed


Frequently Asked Questions (FAQs)

1. What is a bank statement purchase loan?

A bank statement purchase loan is a type of mortgage designed for self-employed borrowers. Instead of using traditional income verification methods, lenders analyze 12-24 months of bank statements to determine eligibility.

2. Who qualifies for a bank statement loan?

  • Self-employed individuals, freelancers, or small business owners.

  • Borrowers with consistent deposits in personal or business bank accounts.

  • Those who may not qualify for traditional loans due to tax write-offs or non-traditional income.

3. How does income verification work?

Lenders review 12-24 months of bank statements to assess deposits and cash flow, creating a realistic picture of your earning potential.

4. What is the minimum credit score for a bank statement loan?

Requirements vary by lender, but a credit score of 620 or higher is typically recommended.

5. Are interest rates higher for bank statement loans?

Yes, interest rates are generally slightly higher than traditional loans due to the perceived risk associated with non-traditional income verification.

6. Can I use a bank statement loan for an investment property?

Yes, bank statement loans can be used for primary residences, vacation homes, or investment properties.

7. How much can I borrow with a bank statement loan?

Loan limits vary based on the lender and your financial profile but are often higher than what traditional income documentation would support.

8. Do I need to provide tax returns?

No, tax returns are typically not required for a bank statement loan. The lender relies on bank statements to verify income.

9. Are there restrictions on property types?

Bank statement loans can be used for various property types, including single-family homes, condos, and multi-unit properties.

10. What are the advantages of a bank statement loan over traditional loans?

  • Flexibility in income verification.

  • Ideal for self-employed borrowers.

  • Potential for larger loan amounts.


Unlock Your Path to Homeownership with a Bank Statement Loan

Bank statement purchase loans empower self-employed individuals and entrepreneurs to achieve homeownership without the constraints of traditional income documentation. By focusing on cash flow and financial stability, these loans provide the flexibility and support needed for unique financial situations.

Get Pre-Qualified Today!

Discover how a bank statement purchase loan can help you turn your dream of homeownership into a reality.

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Kam Financial & Realty, Inc.

NMLS# 1039324

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9920 Pacific Heights Blvd. Ste. 150

San Diego, Ca 92121

Kam Financial & Realty, Inc. is an Equal Housing Lender. We fully comply with the Equal Credit Opportunity Act (ECOA) and all other Federal regulations. All applicants applying for credit from Kam Financial & Realty, Inc. will never be discouraged on on the basis of race, color, religion, national origin, sex, military status ,marital status, age, or because you get public assistance. All information we request is voluntary, and will be kept confidential. For more information on the ECOA, please visit:

http://www.ftc.gov/bcp/conline/pubs/credit/ecoa.shtm

© Copyright 2025 | Kam Financial & Realty, Inc. | All rights reserved.

© Copyright 2025 | Kam Financial & Realty, Inc. | All rights reserved.