Bank Statement Loans
Skip the paperwork circus. Scratch the W2s. For self-employed borrowers who want to use their bank statements to qualify for a home loan or refinance.
- Up to 90% LTV Purchase & R/T Refi (most lenders stop at 85%, not us!)
- Up to $6M Max Loan Amount
- Primary, Second Home and Investments
- Min FICO as low as 640
It's time that you bank on your statements for loan options.
Defy Mortgage Bank Statement Loans
- Max Loan Amount: Up to $6,00,000 (compare that to most lenders who set their max to $3M)
- Min Loan Amount: Down to $150,000
- Max LTV (Purchase & R/T Refi): Up to 90% (yes, you read that correctly) | Up to 80% C/O refinance
- Min FICO: As low as 640
- Interest-Only Options: Yes and YES! PLUS 30-year-fixed and ARMs
- Property Types: Available for Primary, Second Home, and Investment properties, including SFR, PUD, Town Home, Row Home, Site Built Condo, Modular Home, Warrantable/Non-Warrantable Condos, Co-ops, and Condotels.
- State Licensing: Defy Mortgage is licensed and able to process Profit and Loss Statement loans options in the following states: Alabama (AL), California (CA), Colorado (CO), Florida (FL), Georgia (GA), Tennessee (TN), and Texas (TX)
- Loan Types: Purchase, Rate/Term Refinance and Cash-out Refinances available (see our Refinance Page to learn more Refinances on a general sense)
- History: Must be self-employed for at least 2 years
- Validation & Income Documentation: 12-24 months of Personal or Business Bank Statements
- Personal Bank Statements: Total deposits (minus disallowed deposits) divided by 12 months.
- Business Bank Statements: Net income is calculated as Total Eligible Deposits * Borrower Ownership Percentage * (100% – Expense Statement Percentage) / 12 months. Expense Statement must be prepared by a third-party Tax Professional.
Important Note: The specific max LTV, loan amount, and DTI will vary based on your credit score and occupancy type. For example, a 90% LTV is available for primary occupancy with a 740+ FICO and loan amounts up to $2,000,000 (purchase or R/T refinance).
Be part of the Bank Statement winners
Forget cookie-cutter mortgages. Our Bank Statement loans flex however you need them to. Less red tape, alternative income documentation, lower down payments and endless possibilities. Don’t believe us? Check out these real purchase deals we’ve funded under our Bank Statement program.
Primary Property Winners
740 FICO: Up to 75% LTV ($3.5M loan amount in CA)
700 FICO: Up to 85% LTV ($1..5M loan amount in FL)
680 FICO: Up to 80% LTV ($2M loan amount in TX)
640 FICO: Up to 75% LTV ($1M loan amount in TN)
Second-Home Winners
760 FICO: Up to 85% LTV ($2M loan amount in TN)
720 FICO: Up to 80% LTV ($2M loan amount in CA)
660 FICO: Up to 75% LTV ($1M loan amount in FL)
640 FICO: Up to 70% LTV ($1M loan amount in CO)
Investment Winners
740 FICO: Up to 90% LTV ($2M in TX)
720 FICO: Up to 80% LTV ($2M loan amount in GA)
700 FICO: Up to 80% LTV ($1.5M loan amount in TN)
640 FICO: Up to 70% LTV ($1M loan amount in CA)
Home Loans for The Self-Employed Like You
You’re self-employed and crushing it—your financing should keep up. Our Bank Statement program moves fast like you do. We’re built for speed. No guessing. No stress. Just 12-24 months of bank statements and a direct path to approval. Need resources? We’ve got you.
Bank Statement Loan FAQs
What is a Bank Statement Loan?
Bank statement loans are a type of mortgage that allows borrowers to finance a property purchase using their bank statements as proof of income. This is in contrast to traditional mortgages, which require borrowers to provide W-2s and/or tax returns. Bank statement loans are considered non-QM (non-qualified) loans and are often provided by alternative mortgage lenders. Typically, borrowers are expected to provide 12-24 months of bank statements to demonstrate cash flow and income from either personal or business bank statement documentation.
Check out more on Bank Statement loans in our Complete Bank Statement Loan Guide!
Who is a good candidate for a Bank Statement Loan?
W-2s are for employees. You're not an employee. Whether you're building a brand as a business-owner, running a side hustle that became your main hustle, flipping products online, or an hourly wage earner, if your bank account proves you've got the money, and you meet the required loan criteria, you should explore a Bank Statement loan.
How many months of Bank Statements to qualify for a Bank Statement Loan?
Totally varies between lenders. However, the general rule of thumb is to prepare between 12 to 24 months of bank statements.
What's the down payment requirement for Bank Statement Loans?
Usually 15-20% is minimum downpayment for Bank Statement loans. Sometimes higher depending on credit and loan amount. At Defy Mortgage, we offer low downpayment options for Bank Statement loans all the way down to 10%.
Can I use Bank Statement Loans for investment properties?
100% many self-employed borrowers use Bank Statement loans for investment purchases.
Have more questions on Bank Statement Loans? We are here to help. Hit us up!
Gig Worker? Contractor?
Freelancer? Consultant?
FANTASTIC. Whatever your title, your flexible terms with our Bank Statement loans remains the same. We don’t care if you’re purchasing, looking to take cash-out or refinance for a better rate. All we care about is that if you have questions you, JUST ASK US!
