Bank Statement Loans

Features

• Loans up to $4 million 
• Purchase or refinance¹
• Owner-occupied, second homes, and investment properties
• 12- or 24-months of business or personal bank statements
• Borrowers can own as little as 50% of the business for business bank statements and 25% for personal bank statements
• 1099 option available – link to 1099 product page
• Profit and Loss (P&L) statements are a valid form of income verification
• Loans will be qualified using a default expense factor of 50%. Companies with a lower expense factor will require a statement from a third-party CPA, tax preparer, or bookkeeping company (some industries with traditionally higher expense factors, such as restaurants, will be underwritten with a 70% expense factor).

What is a bank statement loan?

A bank statement loan is a type of mortgage that allows self-employed borrowers to verify their income based on their personal or business bank statements, rather than traditional methods like tax returns, w2’s or paystubs. Bank statement loans are generally used by self-employed individuals, small business owners, or independent contractors. Borrowers do not have to own 100% of the business. This program provides a loan solution to help underserved credit-worthy self-employed borrowers who may otherwise find it difficult to qualify for a home loan. 

Other programs you might be interested in

Farm Bureau Mortgage specializes in helping our customers get the best home loans to fit their unique goals and needs, especially when traditional products won’t cut it. Self-employed borrowers, real-estate investors, retirees, or individuals with unique financial circumstances may also be interested in our 1099 Income loan, Profit & Loss loan, Asset Qualifier, or DSCR loan.