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Self-Employed Requirements

 

In most cases, bank statement loans require that you be self-employed for at least two years. To demonstrate this, you can share applicable business licenses or a letter from your tax preparer. Many lenders that offer these types of loans will review one to two years of consecutive bank statements to help determine your annual income. While each lender has its own requirements, most require at least a 620 credit score as well as a 10% to 20% down payment.

Self-Employed Requirements

 

In most cases, bank statement loans require that you be self-employed for at least two years. To demonstrate this, you can share applicable business licenses or a letter from your tax preparer. Many lenders that offer these types of loans will review one to two years of consecutive bank statements to help determine your annual income. While each lender has its own requirements, most require at least a 620 credit score as well as a 10% to 20% down payment.

Best Candidates for Bank Statement Loans

 

Bank statement loans have become increasingly popular in the last few years, especially as more and more people have quit traditional 8 to 5 jobs and decided to become their own bosses. If you’ve taken the plunge to self-employment and earn enough income to cover a mortgage yet can’t qualify with tax returns, this option can help you achieve your dream of homeownership.

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Paul H.Vice President / Snap Chat