Get Approved Without Tax Returns or W-2s
Bank Statement Loans
Traditional mortgages don’t always fit self-employed borrowers. Bank Statement Loans let you qualify using 12 to 24 months of bank deposits instead of tax returns. Whether you’re a business owner, freelancer, or independent contractor, Jack Jacobs helps you secure the right mortgage based on your real income. Get expert guidance and start your homeownership journey today!
Your Trusted Mortgage Partner
Bank Statement Loans – Home Financing Without Tax Returns
If you’re self-employed, traditional mortgage requirements may not reflect your real income. Bank Statement Loans allow you to qualify for a home loan using 12 to 24 months of personal or business bank statements instead of tax returns or W-2s. This is perfect for entrepreneurs, freelancers, and small business owners who maximize tax deductions. Jack Jacobs specializes in helping self-employed borrowers secure flexible mortgage solutions tailored to their financial profile.
How Bank Statement Loans Work – A Simple, Flexible Solution
Unlike conventional mortgages that require W-2s and tax returns, Bank Statement Loans use consistent monthly deposits to verify income, making them ideal for borrowers with fluctuating or unconventional earnings. Lenders assess your average deposits to determine your ability to repay. If your tax returns don’t reflect your true earning power, Jack Jacobs can help you get approved for a mortgage based on actual cash flow.
Self-Employed? No Problem! Bank Statement Loans Offer More Flexibility
Self-employed professionals often face challenges qualifying for traditional mortgages because of business deductions that lower taxable income. Bank Statement Loans remove this barrier, allowing you to qualify using bank deposits rather than tax forms. Whether you own a small business, work as a freelancer, or earn 1099 income, Jack Jacobs will help you find the right mortgage solution with fewer restrictions.
Bank Statement Loans vs. Conventional Loans – Which is Right for You?
Bank Statement Loans offer more flexibility than conventional loans. While conventional mortgages require verifiable W-2 income, Bank Statement Loans let self-employed borrowers use bank deposits to qualify. These loans also allow higher debt-to-income (DTI) ratios, making it easier for business owners to secure financing. If you’ve been turned down for a traditional loan, Jack Jacobs can help you explore a bank statement mortgage that works for your situation.
Low Down Payment & Competitive Rates – Bank Statement Loans That Work for You
Many lenders offer Bank Statement Loans with down payments as low as 10-15%. While rates may be slightly higher than conventional loans, strong financial profiles can still secure competitive mortgage rates. With no tax return requirement, flexible credit guidelines, and higher loan limits, Bank Statement Loans make homeownership more accessible for self-employed individuals. Jack Jacobs will help you find the best lender and secure a mortgage that fits your financial goals.
Bank Statement Loan Refinancing – Lower Your Rate or Access Home Equity
If you’re already a homeowner, you may qualify for a Bank Statement Refinance Loan to lower your mortgage rate, reduce monthly payments, or access home equity for investments or business expenses. Whether you're looking to refinance to better terms or take cash out, Jack Jacobs can help you find the right refinancing solution using bank statement qualification methods.
FAQs – Bank Statement Loans with Jack Jacobs
What is a Bank Statement Loan?
A Bank Statement Loan is a mortgage option designed for self-employed borrowers, freelancers, and business owners who don’t have traditional W-2 income or tax returns that accurately reflect their earnings. Instead of using tax documents, lenders assess 12 to 24 months of personal or business bank statements to determine income. Jack Jacobs helps self-employed borrowers secure home financing with flexible qualification criteria tailored to their unique financial situation.
Who qualifies for a Bank Statement Loan?
Bank Statement Loans are ideal for self-employed individuals, independent contractors, freelancers, gig workers, real estate investors, and small business owners. If you receive 1099 income, own your own business, or have non-traditional income sources, you may qualify without needing W-2s or tax returns. Jack Jacobs will evaluate your financial profile and connect you with lenders offering Bank Statement Mortgages.
How do lenders calculate income for a Bank Statement Loan?
Lenders review 12 to 24 months of bank statements to determine an applicant’s income, typically averaging monthly deposits. They may apply an expense ratio based on industry norms if using business bank statements. This means you can qualify based on actual cash flow rather than the taxable income reported on your tax returns. Jack Jacobs will help ensure your statements accurately reflect your earning power.
How much do I need for a down payment on a Bank Statement Loan?
Down payment requirements vary, but most lenders require 10-20% down depending on credit score and loan amount. Some programs may allow lower down payments for well-qualified borrowers, while higher down payments can secure better interest rates and loan terms. Jack Jacobs will work with you to find the best option based on your financial profile.
What credit score is needed for a Bank Statement Loan?
Most Bank Statement Loan programs require a minimum credit score of 620, though higher scores (700+) may qualify for better rates and terms. Some lenders accept lower scores with higher down payments or additional cash reserves. Jack Jacobs will assess your credit situation and guide you toward the best available mortgage solutions.
Do Bank Statement Loans have higher interest rates than traditional loans?
Because Bank Statement Loans involve alternative income verification, they may have slightly higher interest rates than conventional loans. However, strong financial profiles, larger down payments, and higher credit scores can help secure competitive rates. Jack Jacobs will shop lenders to ensure you get the best mortgage terms possible.
Can I use a Bank Statement Loan for an investment property?
Yes! Many lenders allow Bank Statement Loans for primary residences, second homes, and investment properties. If you’re an investor looking to finance rental properties or purchase a vacation home, Jack Jacobs can help you secure the right mortgage based on your bank deposits instead of traditional income verification methods.
How does a Bank Statement Loan compare to a conventional mortgage?
A conventional mortgage requires W-2 income verification, tax returns, and stricter debt-to-income (DTI) requirements. Bank Statement Loans allow borrowers to qualify based on deposits rather than taxable income, making them ideal for self-employed professionals and business owners who take deductions on their tax returns. Jack Jacobs will help you compare both options to determine which best suits your needs.
Can I refinance my home with a Bank Statement Loan?
Yes! Homeowners can refinance their existing mortgage using a Bank Statement Refinance Loan. Whether you want to lower your interest rate, reduce your monthly payments, or take cash out from home equity, Jack Jacobs will guide you through the Bank Statement Loan refinancing process to secure the best possible terms.
Do I need mortgage insurance for a Bank Statement Loan?
Bank Statement Loans do not require private mortgage insurance (PMI) if you put down 20% or more. If your down payment is lower, some lenders may require PMI, but Jack Jacobs can help you explore lenders that offer no-PMI options with flexible down payment terms.
What loan amounts are available for Bank Statement Loans?
Loan limits for Bank Statement Loans vary, but many lenders offer mortgages up to $3 million or more. High-income borrowers who need Jumbo Loan financing may also qualify using bank statement verification. Jack Jacobs will help determine how much home you can afford and connect you with lenders that offer high-value mortgage solutions.
What documents are required for a Bank Statement Loan?
Bank Statement Loans require:
- 12 to 24 months of personal or business bank statements
- A valid business license (for business owners, if applicable)
- Profit and loss statement (for some lenders)
- Credit report and bank account verification
- Property details and loan application
Jack Jacobs will help you gather the required documents and streamline the application process for a smooth approval.
How long does it take to close a Bank Statement Loan?
The closing timeline is typically 30-45 days, similar to conventional loans. Because manual income verification is required, some lenders may take slightly longer to process. Jack Jacobs works with lenders who specialize in Bank Statement Loans to ensure a quick and seamless closing process.
Can I qualify for a Bank Statement Loan with recent credit issues?
Yes! Many Bank Statement Loan programs allow borrowers with past bankruptcies, late payments, or high DTI ratios to qualify. While conventional loans have strict credit history requirements, Non-QM lenders offering Bank Statement Loans provide more flexibility. Jack Jacobs will help find lenders that accommodate your credit history.
How do I apply for a Bank Statement Loan?
Applying for a Bank Statement Loan is simple! Jack Jacobs will guide you through each step:
- Pre-approval – Determine eligibility and loan options
- Income verification – Provide 12-24 months of bank statements
- Loan application & underwriting – Lender reviews your financials
- Loan approval & closing – Finalize your mortgage and move into your home!
If you’re self-employed and need a mortgage solution that works with your income structure, contact Jack Jacobs today to explore Bank Statement Loan options and start your home financing journey!
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