A bank statement loan is a type of mortgage that allows self-employed individuals or borrowers with non-traditional income sources to qualify for a loan based on bank statements rather than traditional documentation.
Bank statement loans are often beneficial for self-employed individuals, freelancers, gig workers, or small business owners who have non-traditional income documentation. These loans provide an alternative option for those who may have difficulty meeting the strict income verification requirements of conventional loans. These loans may have slightly higher interest rates compared to traditional mortgages due to the additional risk associated with non-traditional income documentation.
If you are self-employed or have non-traditional income sources and are considering a bank statement loan, Sterling Financial Services can provide you with specific information, requirements, and guide you through the application and approval process.