At MortgageDepot, we understand that not everyone holds a nine-to-five job. Nontraditional employment shouldn’t keep you from your real estate goals! If you are self-employed, paid seasonally or you receive another type of irregular income, our Bank Statement program might be the answer to your mortgage approval challenges.
What Is Our Bank Statement Program?
Most mortgages in Pennsylvania require stacks of tax information, W-2 forms and proof of a steady stream of income. MortgageDepot’s Bank Statement program is different. We only need a series of bank statements, and a profit and loss report to put you on the path to home ownership.
Qualifying for Our Bank Statement Program
Our Bank Statement program clients typically fall into one of three situations. Here are the basic eligibility requirements for each one:
The borrower maintains one bank account for personal and business matters.
- The borrower must provide bank statements for at least the past 12 months.
- The borrower must provide a profit and loss statement that outlines reasonable expenses for their line of work.
- The deposits listed on the borrower’s bank statements must show at least 5% of the revenue indicated on the profit and loss statement.
The borrower has separate bank accounts for personal and business finances.
- The borrower must provide their personal bank account statements for at least the past 12 months to determine eligibility.
- A profit and loss statement is optional.
- The borrower must provide three months of business account statements to prove that their business and personal accounts are separate.
The borrower wants to use business bank statements to determine loan eligibility.
- The borrower must provide business bank statements for the previous 12 months.
- A profit and loss statement is required.
- Deposits listed on the borrower’s business bank statements must be at least 5% of the revenue indicated on the profit and loss statement.
If your nontraditional income source has been a barrier to securing a mortgage in Pennsylvania, contact MortgageDepot today. Our experienced loan officers are eager to help you achieve real estate success!
Contact us today or email us here for more information.