Bank statement loans are a type of mortgage designed for self-employed borrowers and those with non-traditional income. Instead of relying on tax returns, these loans use your bank statements to assess your income and determine your borrowing capacity.

Lenders analyze your bank statements, typically from the past 12 or 24 months, to calculate your average monthly income. They may also consider factors like cash flow, deposits, and expenses. This flexible approach allows self-employed individuals to qualify for a mortgage without the usual tax documentation hurdles.

Bank statement loans are ideal for:

• Self-employed professionals: Freelancers, consultants, business owners, and other individuals who receive income through 1099s.
• Business owners: Individuals whose businesses generate variable income or who have significant write-offs.
• Commission-based earners: Real estate agents, sales professionals, and others with fluctuating income.

Ameritrust Mortgage provides various bank statement loan programs tailored to your needs:

• 12-Month Bank Statement Loans: For borrowers with at least one year of bank statement history.
• 24-Month Bank Statement Loans: Ideal for those with fluctuating income or a longer self-employment history.
• Personal Bank Statement Loans: Uses personal banking activity for qualification.
• Business Bank Statement Loans: Leverages business banking activity for qualification.
• P&L + Bank Statement Combo Loans: Combines bank statements and profit/loss statements for a comprehensive view of your financial situation.

The specific requirements vary by lender and program, but typically include:

• Minimum credit score: Often 660 or higher.
• Down payment: Usually 10-20%, but can be higher or lower depending on the program.
• Bank statements: 12 or 24 months of consistent deposits.
• Business Bank Statement Loans: Leverages business banking activity for qualification.
• Other documentation: May include profit and loss statements, asset statements, or business licenses.

Ameritrust Mortgage offers numerous advantages for bank statement loan borrowers:

• Expertise: Our loan officers specialize in bank statement loans and understand the unique needs of self-employed borrowers.
• Competitive Rates: We offer competitive interest rates and flexible terms.
• Streamlined Process: Our online application and efficient underwriting process get you approved faster.
• Transparent Communication: We prioritize clear and open communication throughout the loan process.

Bank statement loans can be used to purchase or refinance various property types:

• Primary residences
• Second homes
• Investment properties
• Multi-family properties (2-4 units)
• Condos (including non-warrantable condos)
• Mixed-use properties

Applying for a bank statement loan is easy. Simply contact Ameritrust Mortgage to discuss your needs and goals. Our experienced loan officers will guide you through the application process and help you choose the right loan program to meet your unique financial situation.