Bank Statement Home Loans:

A Flexible Mortgage Solution for Self-Employed Borrowers

What Is a Bank Statement Home Loan?

A bank statement home loan is a mortgage option designed for self-employed individuals, freelancers, business owners, and independent contractors who may not have traditional income documentation such as W-2s and tax returns. Instead of relying on tax documents, lenders use 12 or 24 months of bank statements to verify income, making it easier for self-employed borrowers to qualify for a home loan.

This program provides a flexible and realistic approach to mortgage approval, especially for those who have strong income streams but maximize tax deductions, resulting in a lower reported taxable income.

Why Choose a Bank Statement Loan?

Bank statement mortgages offer several advantages over traditional loan options, including:

  • Easier Qualification – No tax returns or W-2s are required, making it ideal for self-employed borrowers.
  • Higher Loan Amounts – Borrow up to $3,000,000 based on your actual income deposits.
  • Flexible Loan-to-Value (LTV) Ratios – Finance up to 90% of the home’s value without requiring private mortgage insurance (PMI), depending on the loan size and purpose.
  • Use Personal or Business Bank Statements – Borrowers can qualify using business or personal bank statements, providing more options for different financial situations.
  • Multiple Business Bank Accounts Allowed – If you have multiple income streams, you can use statements from different accounts.
  • Low Business Expense Ratios – Qualify with a business expense ratio as low as 10%, maximizing your purchasing power.
  • No Profit & Loss (P&L) Statements Required – Simplified approval process without additional financial documentation.
  • Consideration for NSFs & Overdrafts – Lenders take a common-sense approach when reviewing overdrafts and non-sufficient funds (NSFs), making approval easier.

Why Get Your Bank Statement Loan from North Star Mortgage Network Inc.?

At North Star Mortgage Network Inc., we understand the challenges self-employed borrowers face when trying to secure home financing. Our team specializes in bank statement loans, ensuring a smooth and hassle-free mortgage experience.

Here’s why North Star Mortgage Network Inc. is the right choice for your bank statement loan:

✅ Expert Guidance – We have extensive experience working with self-employed individuals and tailoring mortgage solutions to their needs. ✅ Competitive Rates – Our loan programs offer some of the best rates in the industry for bank statement mortgages. ✅ Fast & Streamlined Process – We help you navigate the paperwork and approvals efficiently, ensuring quick funding. ✅ Flexible Qualification Requirements – We take a common-sense approach to income verification, making homeownership more accessible. ✅ Personalized Service – Our mortgage specialists provide one-on-one support throughout the loan process, helping you every step of the way.

Get Started Today!

If you’re self-employed and looking for a mortgage solution that works for you, a bank statement loan from North Star Mortgage Network Inc. may be the perfect fit. Contact us today to discuss your options and start the pre-approval process!

Call us or visit our website to get started on your path to homeownership.