At MortgageDepot, we are enthusiastic about supporting each of our clients with their unique financing needs. While many of our clients will qualify for a conforming residential loan, others need a loan program with a more creative approach to underwriting. One of the many programs that we offer for unique situations is our 3-Month Bank Statement Program.

Who Is This Loan Program for?
Mortgage lenders generally need to see your W-2s and paystubs to calculate your qualifying income amount and your debt-to-income ratio. However, what can you do if you do not receive paystubs? The solution is the 3-Month Bank Statement Program. This residential loan program may be well-suited for:

  • Self-employed applicants
  • Contract workers
  • Small business owners
  • Freelancers and gig workers

If your income can be corroborated by bank statements showing regular deposits rather than by paystubs and W-2s, this program could help you to achieve your homeownership goals.

What Should You Expect?
Many bank statement loans require the applicant to provide between 12 and 24 months of statements. These bank statements will prove to the lender how much money you receive regularly, and they will confirm the stability of your income. What should you expect when you apply for this type of home mortgage?

  • Bank statements required for all accounts
  • Similar documents required as for a conforming loan program
  • Competitive lending terms with a slightly higher interest rate
  • Strict credit score requirements

Contact Our MortgageDepot Lending Team Today
Is a bank statement loan program right for your unique situation, or should you apply for another mortgage program? At MortgageDepot, we want to help you get familiar with your options. Contact us today to discuss your financing needs with our team.

Contact one of our loan consultants to learn more.

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