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Bank Statement Qualifier

An innovative program from Luxury Mortgage offers an excellent solution for many self-employed borrowers, investors, or those without regular income they can document for a home loan application. The Bank Statements Mortgage allows for qualification based on balances in deposit accounts rather than on a W-2 or tax return. The bank accounts can be either personal or business accounts.

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Bank Statements Loan Overview


Here are a few of the advantages:
  • Borrow up to 80% of the property value
  • Credit scores down to 580
  • Use deposits from either personal or business accounts to qualify
  • Loan amounts up to $3,000,000
  • Competitive pricing
Bank Statements Mortgage Requirements

Unlike most mortgage products with this program income and employment are not used as a qualifying factor. Instead bank statements for deposit accounts are used to show that the borrower has sufficient means to repay the loan as agreed.

Personal bank statements can be used for documentation as follows:

  • Most recent 12 or 24 months of personal bank statements and most recent three months of business statements.
  • Utilize 100% of deposits into personal accounts as income.
  • Deposits must be sourced.
  • More than one account can be used.

Business bank statements can be used for documentation in the following manner:

  • Most recent 12 or 24 months of business account statements.
  • To find dollar amount multiply all eligible deposits by 50% and again by borrower's ownership percentage in the business.
  • Eligible deposits are those that can be sourced as business income.
  • More than one account can be used.

Alternative methods to determine dollar amount of eligible deposits include CPA prepared profit and loss statements, CPA letter stating business expense ratio which is used for calculation, or subtracting withdrawals from deposits.

Comingled accounts, or when separate accounts are not maintained for personal and business, are considered business accounts for qualification purposes.

Additional qualification factors include credit history and score, a current credit report will be requested and reviewed, and the value of the subject property as documented by an appraisal. For loan amounts greater than $1.5 million two appraisals may be required.

What types of properties may qualify?

The Luxury Mortgage Bank Statements program can be used to finance a variety of different types of homes, including 1 – 4 unit properties, PUDs, warrantable condos, and even non-warrantable condos on a case by case basis.