current mortgage rates Tampa FL

24 Month Bank Statement

Loan Trust offers a loan solution for self-employed borrowers who would rather show bank statements than tax returns.  Click here to get a rate quote.

What is a bank statement loan?

A bank statement loan is popular among self employed borrowers and independent contractors.  This loan program is also know as a stated income program basically meaning you will not have to provide the standard financial documents such as tax returns, W-2’s or paystubs, but you can use bank statements for proof of income.  Although it’s view differently but it’s actually a cash flow loan, similar to business loans for debt financing. 

What are the qualifying guidelines for the 24 month bank statement loan?

24 Month Bank Statement

  • Max of LTV/CLTV/HCLTV is 85.01 – 90.00, And FICO is 740-759
  • Max of LTV/CLTV/HCLTV is 60.01 – 85.00, And FICO is 600 & Up  Income Verification Type is 12 Mo. Bank Statements 
  • Up to $4 Million Loan Amount
  • Self Employed Borrowers and 1099 Borrowers
  • No Reserves Required <75% LTV
  • No 4506T/No K1’s/No P & L’s
  • No Mortgage Insurance
  • Condo up to 85% CLTV
  • Condotels allowed
  • Cryptocurrencies accepted for reserves, down payments, and closing costs

Qualify with 100% on Personal Account Deposits or 50% on Business Account Deposits (12 Consecutive Months)

  • Max Cash Out in Hand $1 Million
  • 30 & 40 Year Fixed, 5/7 & 7/6 ARM
  • 3 Months Reserve
  • Gift Funds for Reserves Allowed
  • Combination of Business & Personal Bank Statements Allowed 

What is the difference between a 12 month and 24 month bank statement loan?

The qualifying guidelines are basically the same for the 12 month bank statement loans as it is for the 24 month bank statement loan program.  But the main benefit of supplying more documentation is that your interest rate will be .125 – .250 lower on the 24 month mortgage bank statement program.