12/24 Month Bank Statement Loans
What is a 12/24 Month Bank Statement Loan?
A 12/24 Month Bank Statement Loan is designed for individuals who may not have traditional proof of income, like W-2s or tax returns, but have a consistent cash flow. By providing 12 or 24 months of personal or business bank statements, you can qualify for a mortgage based on your cash deposits and financial stability.
Who is This Loan Ideal For?
This loan option is ideal for:
- Self-employed individuals: Business owners, contractors, or freelancers whose income fluctuates.
- Small business owners: Those who have steady revenue but may not show high net income on tax returns.
- Commission-based workers: Sales representatives, real estate agents, or other commission-dependent professionals.
Benefits of a 12/24 Month Bank Statement Loan
- No Tax Returns Needed: Qualify without submitting traditional tax documents.
- Flexible Loan Terms: Get competitive rates with options that meet your specific financial situation.
- Higher Loan Amounts: You may qualify for higher loan limits based on your monthly deposits.
- Quick and Simple Process: A streamlined application process, saving you time and hassle.
How Does It Work?
- Choose Your Bank Statement Duration: You can provide 12 months for a quicker review or 24 months for more thorough documentation.
- Calculate Average Monthly Deposits: Lenders will review your monthly bank deposits to determine your income.
- Verify Business Ownership or Self-Employment: Simple verification to confirm your work status.
- Loan Approval: With your cash flow verified, you’ll be on your way to securing your mortgage.
Requirements for Approval
- Bank Statements: Either 12 or 24 consecutive months from the same account.
- Proof of Business: If you’re using business statements, basic documentation like a business license or proof of ownership.
- Credit Score: Generally, a good to excellent credit score improves your chances for better rates.
- Down Payment: Minimum down payment requirements may vary depending on the loan amount and lender.
We are an independent mortgage brokerage licensed through DRE, proudly serving clients since 2007.
DRE#01480904 and NMLS# 300923
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- 510-786-8739
- info@simtg.com
- 44840 South Grimmer Blvd Fremont, CA 94538
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