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Can't get a home loan because you lack standard income proof? A Bank Statement Mortgage could be your answer. At Clear Rate Mortgage, we offer loans for self-employed folks, freelancers, and others who may not have W-2s or pay stubs but can afford a home.
What's a Bank Statement Mortgage?
A Bank Statement Mortgage lets you qualify using your bank statements instead of normal income proof like W-2s or tax returns. Lenders look at your deposits over the last 12 to 24 months to check if you can repay the loan. This works well for self-employed borrowers or those with unusual income sources.
Why Pick a Bank Statement Mortgage?
- Great for Self-Employed People: If you run a business, freelance, or earn money in non-standard ways, this loan can help you get a mortgage without needing typical income papers.
- Flexible Income Checking: This loan looks at your bank deposits, not tax returns. It's easier to qualify if your income changes or doesn't fit normal categories.
- No Tax Returns Needed: Skip the hassle of gathering tax returns, especially if they don't show your true earning power.
- Good Terms: Even with different income proof, these loans offer fair rates and terms to buy or refinance your home.
Who Can Get a Bank Statement Mortgage?
These loans are for people with non-standard income. You'll usually need:
- Steady Bank Deposits: Lenders want to see regular deposits over the last 12 to 24 months to show you're financially stable.
- Good Credit: A strong credit score is still key to qualify and get good terms.
- Down Payment: While it varies, you often need a down payment, usually 10% to 20%.
How Clear Rate Mortgage Helps
At Clear Rate Mortgage, we focus on helping self-employed borrowers and those with unusual income. Our team will walk you through the bank statement loan process, using your financial history to help you qualify for your needed mortgage.
Want to Start?
If you're self-employed or have non-standard income and want a home loan, Clear Rate Mortgage is here to help. Pre-Qualify Now! and take your first step to get a home loan using your bank statements.
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