Sometimes when you are self employed it’s hard to qualify for a conventional mortgage since you are not always able to show enough income on your tax returns. However, conventional loans are not your only option. You might be able to qualify for a Bank Statement Loan. In order to find out if you qualify for a bank statement loan you will usually need to provide 12 months of bank statements.
You need to own at least 25 percent of your business and you need to have owned it for at least two years. It’s true that the interest rate for a bank statement loan will be higher than the interest rate for a conventional loan but it is not always that much higher. You will probably be looking at an interest rate of one to two percent higher depending on a few things including credit score, down payment and reserves in your bank account. You also need to be able to afford a down payment of at least ten percent, possibly more depending on your credit score.
Brooke Sheehan
Loan Officer
(203) 217-2815
NMLS# 2067187
