Bank Statement Loans

Bank Statement Loans2023-01-05T08:11:43-05:00

American Dream Home Mortgage provides a loan program designed specifically for entrepreneurs, contractors, or other self-employed individuals whose employment history and tax returns may not reflect a traditional viability for a mortgage.

Through our Bank Statement Loan (BSL) Program, we help individuals qualify for a home loan based on income listed on their bank statements rather than through traditional loan programs. BSLs are set as 30 year term loans with a current market fixed-rate interest. There is no penalty for early pay off or additional payments to your principal balance.

Bank Statement Loan Program Borrower Requirements

  • The last two years of personal bank statements are required for income qualification – no tax returns needed!
  • A 20% down payment is required at closing
  • Borrowers must have a debt-to-income ratio of 50% or better
  • Preferred FICO score of 680 or better

Bank Statement Loan Program Details

  • Property location can be primary residences, secondary homes, and investment properties, including non-warrantable condominiums
  • BSLs are offered as 30-year fixed rate loans with no prepayment penalty
  • Loans are available for up to 80% of the value of the home

Bank Statement Loans are not government insured but rather lender provided, so the risk for such a loan is solely absorbed by the lender should the borrower ever default. This is why a down payment and higher credit score are required.

Tampa Bay Bank Statement Loans are perfect for non-traditional workers who may not be able to qualify for other home loan options because of the type of self-employed work that they do. If you can show us that you have had a steady income for the last two years through your line of work, we can help you get a loan for up to 80% of your desired home’s value. This loan only works if qualifying borrowers are able to provide at least 20% down at closing.

Other loan options may be available for individuals who cannot meet the 20% down requirement; contact our office to discuss your specific situation and see how we may be able to help.

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