Bank Statement Loan Program
Flexible Home Financing for the Self-Employed
Traditional income documentation doesn’t tell the full story—especially if you’re self-employed, a freelancer, or a business owner. That’s why our bank statement loan program is designed to help you qualify based on your actual cash flow, not your tax returns.
At Salute Mortgage, we make it easier for self-employed borrowers to get approved with a tailored bank statement mortgage solution.
What Is a Bank Statement Mortgage?
A bank statement mortgage is a type of non-QM (non-qualified mortgage) loan that allows borrowers to use bank statements instead of tax returns to verify income.
This option is ideal for entrepreneurs, consultants, gig workers, and 1099 earners whose write-offs or fluctuating income don’t reflect their true earnings.
Who Is This Program For?
You may benefit from a bank statement home loan if you are:
- Self-employed for at least 2 years
- A freelancer or 1099 contractor
- A business owner with complex income streams
- Earning sufficient income that isn’t reflected on W-2s or tax filings
- Recently transitioned from salaried to self-employed
Key Features of Our Bank Statement Loan Program
✅ No tax returns or W-2s required
✅ Qualify using 12 or 24 months of bank statements
✅ Personal or business account statements accepted
✅ Loan amounts up to $3 million
✅ Competitive fixed or adjustable rates
✅ Available for primary, second homes, and investment properties
How Income Is Calculated
We analyze your monthly deposits—not gross receipts or tax write-offs. Depending on the type of business and documentation, we apply an income factor to determine eligibility.
Example (12-Month Bank Statement Loan):
- Monthly average deposits: $20,000
- Income factor: 50% (varies by business type)
- Qualifying income: $10,000/month
This gives a more realistic view of your cash flow—and improves your chances of loan approval.
Bank Statement Loan Requirements
| Requirement | Typical Guideline |
|---|---|
| Self-employment history | 2+ years (1 year case-by-case) |
| Bank statements | 12–24 months (personal or business) |
| Credit score | 660+ preferred (some flexibility) |
| Down payment | As low as 10–15% |
| Property types | Primary, secondary, and investment homes |
Benefits for Self-Employed Homebuyers
✔️ No need to amend or refile tax returns
✔️ More purchasing power based on true income
✔️ Fast approvals with streamlined underwriting
✔️ Use for purchase, refinance, or cash-out
Bank Statement Loan vs Traditional Mortgage
| Feature | Bank Statement Loan | Traditional Mortgage |
|---|---|---|
| Income verification | 12–24 months of bank statements | Tax returns, W-2s, pay stubs |
| Ideal for | Self-employed borrowers | Salaried/W-2 employees |
| Loan type | Non-QM | QM (Qualified Mortgage) |
| Speed & flexibility | High | Moderate |
Bank Statement Loan FAQs
The Bank Statement Program is a flexible home loan option for self-employed individuals who may not have W-2s or pay stubs to verify income. Instead, your income is evaluated based on 12 to 24 months of personal or business bank statements, making it ideal for business owners, freelancers, and entrepreneurs.
No—while good credit helps secure better terms, this program is designed to accommodate a wide range of credit scores. Our team can assess your situation and match you with a loan structure that fits your needs and financial profile.
Yes! This program can be used for both purchasing a new home or refinancing an existing property. Whether you’re investing, upsizing, or restructuring debt, this option offers flexibility for non-traditional earners.
The Bank Statement Program can be used for primary residences, second homes, and investment properties. Whether you’re buying a single-family home or a multi-unit property, we’ll help you explore what’s possible based on your income flow.
Get Started with a Bank Statement Mortgage
You shouldn’t be penalized for how you earn. If your income is strong but doesn’t fit the traditional mold, our bank statement loan program gives you a path to homeownership on your terms.
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