Bank statements OR 1099 Loan
How Does A Bank Statement Mortgage Program Work?
A bank statement mortgage allows eligible self-employed borrowers to use bank statements to help verify income instead of tax returns. A lender will use these statements to analyze income to prove the ability to repay a loan.
What Is The Difference Between A Bank Statement Loan And A Traditional Mortgage Loan?
Traditional loans will generally require tax returns, W-2s and paycheck stubs in order to verify a borrower’s income. A bank statement mortgage loan offers self-employed borrowers a different option to verify their income without using tax returns.
Are Self-Employed Borrowers Required To Use Bank Statement Loan Products?
A bank statement loan is often a great option for qualified self-employed borrowers. However, self-employed borrowers should choose the best loan product to help meet their mortgage needs.
Here at ZoomHub Loans, we offer bank statement loans with 10% downpayment, and 20% downpayment for P&L only loans. P&L can come from a CPA, enrolled agent, paid tax professional, or tax attorney.