Bank Statement Loan for Purchase, Refinance or Cash-Out Loan
A bank statement loan is a type of loan that allows you to get a mortgage using your bank statement instead of tax returns, W-2s, or pay stubs.
Alternative income verification option for self-employed borrowers, business owners, or retirees who may have a higher income than their taxes show or who do not have a stable income or multiple employers.
The lender will require you to provide 12 to 24 months' worth of bank statements to prove your ability to repay the loan.
These mortgages typically carry a higher interest rate, and it’s not uncommon for them to have a prepayment penalty
This type of loan is also known as a "self-employed mortgage" or an "alternative documentation loan".