These loans allow the borrowers to use bank statements as the form of proof that they are able to pay back the loan amount.These loans are built for people who do not have W2 jobs such as business owners, realtors, consultants, restaurant owners, and gig economy workers (with a valid business license).What are the Differences Between a Bank Statement Loan and a Traditional Home Loan? If you are using your business bank statements to qualify the lender will still need to see the expenses you incur as a result of owning a business but will not penalize you for expenses that you have written off on your tax returns.
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The lender would then verify your bank statements by calling your bank or by filling out a verification of deposit (VOD) request and mailing or faxing it to your bank. This allows the lender to see how much you can afford to borrow. To apply for a bank statement loan, the self-employed borrower can provide the mortgage lender with as little as 12 months of bank statements which show regular deposits. This makes many borrowers ineligible for a loan. These type of loans have provided a solution to borrowers’ challenge of using the net income claimed on their tax returns rather than the true net income that they make.
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