Richard Ruble's Blog
Breaking Barriers to Homeownership: Bank Statement Loans for Self-Employed Borrowers
For self-employed professionals, entrepreneurs, and freelancers, achieving homeownership can sometimes feel out of reach. Traditional mortgage lenders often require tax returns and W-2s, which may not accurately reflect your income due to business deductions and write-offs. If this sounds familiar, VanDyk Mortgage has a solution for you.
What is a Bank Statement Loan?
A Bank Statement Loan is a mortgage option allowing self-employed borrowers to qualify based on bank statements rather than tax returns. Instead of relying on traditional income documentation, lenders evaluate 12 or 24 months of personal or business bank statements to assess income and determine eligibility.
Why Choose a Bank Statement Loan?
For many self-employed borrowers, traditional mortgage qualifications create roadblocks. Here’s why a Bank Statement Loan may be a good fit:
- No Tax Returns Required – Your income is evaluated based on bank deposits rather than tax filings.
- Flexible Qualification – Designed for self-employed individuals, business owners, and gig workers who don’t fit conventional lending criteria.
- Higher Loan Amounts – Your true income potential is recognized, allowing you to qualify for more home financing.
- Quick Processing – Bank statement reviews can be completed in as little as 48 hours, helping you move forward faster.
How to Get Started
VanDyk Mortgage makes the process as simple and stress-free as possible. Here’s what you need:
- 12 or 24 months of bank statements (personal or business income)
- A solid credit profile (requirements may vary)
- Proof of business ownership (if applicable)
Homeownership should be accessible to everyone, including self-employed borrowers. If you’re ready to explore your mortgage options with a lender that understands your unique financial situation, contact me today to learn more about Bank Statement Loans and take the next step toward buying your home!