Pay-As-You-Go Financing Uses Which Of The Following Revenues Bank Statement Mortgage: Can You Apply for It?

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Bank Statement Mortgage: Can You Apply for It?

For giving a home loan, mortgage providers verify the income source of the borrower. Typically, verification is based on W2 tax forms. However, this can create a problem if you work as an independent professional, such as a freelancer. The reason is that freelancers, employers, gig workers and contractors do not have tax forms to submit. This is where a bank statement mortgage plays its role.

Here’s how it works. All you have to do is prove your source of income by submitting your statements for a year or two. Read on to find out more.

What is a Bank Statement Mortgage?

With a bank statement mortgage, the lender can verify your income with the help of bank statements instead of tax forms. Conventional mortgage loans require borrowers to present their tax returns, for example, for verification purposes.

On the other hand, mortgage applicants can opt for a loan statement.

Who should go for a bank statement loan?

If you fall into any of the following categories, you can use your bank statement to apply for a mortgage.

People with irregular income streams

  • Freelancers or gig workers

  • People with seasonal income

  • Independent contractors

  • Self-employed applicants

Types of Bank Statement Loans

Depending on your situation and the lender, you can choose from different programs. Although many lenders ask for at least one year of statements, some may not require as many details. However, if you present 2 years of statements, you can negotiate better terms and rates.

Now, if you don’t have a valid business statement to submit, there is another option: you can submit a personal statement. For qualifying purposes, they may use a small proportion of your deposit.

Sometimes, you may need to present your business’s P&L statement to get a loan.

How can you get a mortgage bank statement?

Generally, bank statement mortgages fall into the category of “non-qualified mortgages.” Because they don’t meet traditional loan criteria. Not all lenders offer these mortgages. In fact, many credit unions and banks do not offer these loans.

In this case, you should look for a lender that specializes in mortgage loans. Also, if you can’t qualify for traditional mortgage financing, you can get in touch with several lenders to see if they can take a statement for this service.

Don’t forget to ask about requirements for business and personal statements. It will also include questions about the statement period. Other important questions may be about interest rates and repayment requirements.

What are mortgage rates?

If you are self-employed, seasonal income earner, consultant, freelancer, tax-preparer, or artist, you can apply for a statement loan to meet your needs.

As far as interest rates are concerned, down payment requirements vary depending on the lender. Therefore, it is best that you shop around to get the best deal.

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