Bank Statement Loan

Who Qualifies for a Bank Statement Loan?

1. Self-employed individuals or sole proprietors

2. Contractors, freelancers, or 1099 earners

3. LLC or S-Corp owners using business bank statement loans

4. Borrowers with strong, consistent deposits over time

Lenders typically request 12 or 24 months of bank statements. However, 3 month bank statement loans may be considered by some lenders for borrowers with excellent credit and low debt-to-income ratios.

Key Benefits of Bank Statement Loans

1. No Tax Returns Needed: Qualify based on actual bank deposits
   

2. Tailored for Self-Employed: Designed for independent earners
   

3. Higher Borrowing Power: Based on gross deposits, not taxable income
   

4. Fast Approvals: Reduced documentation speeds up underwriting
   

5. Flexible Structures: Available for primary homes, investment properties, or second homes

Pros:

1. Ideal for borrowers with high write-offs or business deductions

2. Uses your real income, not your net taxable income

3. Available for purchase or refinance
   

4. Accepted by select mortgage bank statement loan lenders

Cons:

1. Interest rates are typically higher than traditional mortgages

2. Larger down payments may be required

3. Bank statement loans Florida and nationwide vary by lender
   

4. Some lenders may require higher credit scores or reserve assets

Documents You May Need

For most bank statement loans mortgage applications, you’ll need:

1. 12 or 24 months of personal or business bank statements

2. Profit and loss statements (in some cases)

3. Valid ID and proof of business ownership

4. Credit report and debt obligations

For business bank statement loans, your lender may analyze business expenses and apply an income factor (e.g., 50% of deposits as income).

3 Month Bank Statement Loans: Are They Available?

While 12-month and 24-month bank statement programs are standard, some lenders now offer 3 month bank statement loans to high-credit borrowers with strong reserves or large down payments. These loans are less common and may come with higher rates but offer faster approvals for qualifying applicants.

Why Choose Midwest Mortgage?

At Midwest Mortgage, we specialize in helping self-employed borrowers qualify for bank statement loans Florida and beyond. We work with multiple lenders to find the right solution for your financial profile, whether you're applying for a mortgage bank statement loan on a home purchase or refinance.
‍
We guide you through the approval process—no tax returns, no hassle, and flexible terms that match your cash flow.
‍
Ready to get started? Contact Midwest Mortgage today to explore our full suite of bank statement loans and get pre-qualified in just a few steps.