Understanding that traditional mortgage options do not always accommodate the unique financial situations of self-employed professionals, our Bank Statement Home Mortgage Loans provide a flexible solution designed specifically for entrepreneurs and freelancers who may not have regular income patterns.
Use 12 or 24 months of bank statements to verify your income.
Enjoy rates comparable to conventional loans.
We offer loans tailored to your financial needs and property goals.
Our streamlined process ensures quick turnarounds, getting you closer to your dream home faster
Take the first step towards owning your dream home. Fill out our online application form or contact us to discuss your options with one of our loan experts.
Think outside the box with Signature Lending Services with flexible, borrower friendly Non-QM financing.
A bank statement mortgage is a home loan where your income is verified using your bank statements instead of traditional documents like tax returns and W-2s. This is great for self-employed people who may not have regular income records. Lenders look at your personal or business bank statements to see if you can repay the loan.
Yes, self-employed people can get a mortgage through Signature Lending Services' special loan programs. Each person is looked at individually, considering their credit score, income, and other financial details. Since self-employed individuals often have unique financial situations, alternative documents may be needed to verify income. Signature Lending Services offers a bank statement loan program designed to help self-employed people, small business owners, and entrepreneurs qualify for a mortgage.
Yes, you can refinance your mortgage with Signature Lending Services' bank statement loan program. For more information, contact one of their account executives.
Typically, lenders require 12 to 24 months of bank statements to evaluate your income and financial stability. This helps them understand your cash flow and ability to manage mortgage payments.
Both personal and business bank statements can be used to qualify for a bank statement mortgage. The type of statements required will depend on your specific financial situation and the lender's requirements.
Yes, a down payment is usually required. The amount can vary but typically ranges from 10% to 20% of the home's purchase price. The exact amount depends on factors like your credit score and the lender's policies.
The minimum credit score requirement can vary by lender, but generally, you should have a credit score of at least 620. A higher credit score may help you secure better terms and interest rates.
Interest rates for bank statement mortgages can be higher than traditional mortgages due to the increased risk for lenders. However, the exact rate you receive will depend on your overall financial profile, including your credit score, income, and down payment amount.
Yes, bank statement mortgages can be used to finance investment properties. However, the requirements may be stricter, and you might need a larger down payment and a higher credit score compared to financing a primary residence.
Bank statement mortgages offer flexibility for self-employed individuals and others with non-traditional income sources. They allow you to qualify for a mortgage based on your actual cash flow rather than relying solely on tax returns and W-2s, which may not accurately reflect your financial situation.
While bank statement mortgages provide flexibility, they often come with higher interest rates and down payment requirements. Additionally, the application process can be more complex and time-consuming due to the need for detailed bank statement reviews.
Simply provide your personal or business bank statements for the last 12-24 months. Our specialists will review your deposits to assess your eligible income and help you determine the loan amount you can comfortably afford.