Flexible Financing with Bank Statement Loans
An individual tax return is an official form that a person or a married couple submits to a federal, state, or local taxing agency to report all taxable income received during a specific period, usually the previous year. This record is used to assess the amount of tax that is due or was overpaid for that period.
The Internal Revenue Service (IRS) is the federal taxing authority in the U.S. The United States has a voluntary reporting system that permits either electronic or hard-copy filing of individual tax returns.
All countries have agencies that oversee national tax collection. Some tax agencies provide individual taxpayers with pre-filled individual tax returns, while others require the taxpayer to fill out and file the returns on their own.
How does a bank statement loan work?
Instead of traditional income verification documents, applicants are required to submit a specified number of recent bank statements.
Lenders assess the average monthly income based on the bank statements provided.
Bank statement loan requirements
Loan approval depends on a borrower’s ability to provide the following:
- 12-24 months of bank statements
- Credit score of at least 620 (but higher will help you access better rates and terms)
- Down payment of at least 10%
- Debt-to-income (DTI) ratio established by lender
- Loan-to-value (LTV) ratio established by lender
BANK STATEMENT LOAN BENEFITS
- Flexible income verification using bank statements
- No tax returns
- Ideal for self-employed, freelancers, and business owners
- Streamlined approval process
- Flexible loan terms
- Faster approvals
Are you ready to speak with someone right now? Call us at 201-386-1111.
