Bank Statement Mortgage for Primary Homes
Use your deposits — not your tax returns — to qualify
If you’re self‑employed, a freelancer, or a business owner, your tax returns may not reflect your true earning power. Our Bank Statement Mortgage program lets you qualify for a primary home using your bank deposits instead of traditional W‑2s or tax returns.
Talk with a loan expert about whether a Bank Statement Mortgage is right for your primary home purchase.
- Finance up to 90% of your new primary residence
- Use 12–24 months of business or personal bank statements
- Turn up to 85% of business deposits into qualifying income
- Use up to 100% of qualifying personal account deposits
At a glance
Key Bank Statement Mortgage highlights for primary homebuyers:
- Up to 90% loan-to-value (LTV)
- Use business or personal bank statements
- 12 or 24‑month deposit averaging
- CPA-verified business expense ratio
- Ideal for self‑employed & entrepreneurs
Example: If your CPA certifies a 15% expense ratio, the lender may use up to 85% of your verified business deposits as income.
How the program works
Turn your bank statements into qualifying income
Instead of relying on tax returns, we look at the actual money coming into your accounts. The lender averages your deposits over 12 or 24 months to calculate a stable income figure for your mortgage application.
1. Choose your accounts
Business bank statements: The lender can average 12 or 24 consecutive months of deposits from your business account.
Personal bank statements: You can also use a personal account where business income is deposited, often with even more favorable treatment.
2. Apply the income percentage
Business accounts: Depending on your industry and verified expense ratio, the lender may count up to 85% of your total deposits as income.
Your tax preparer or CPA must certify your business expense ratio to support how much of your deposits can be used.
3. Qualify for up to 90% of the home’s value
Once your average qualifying income is calculated, the lender can offer financing for up to 90% of the property value on your primary residence, subject to credit, reserves, and overall profile.
What you’ll need
Basic requirements for a Bank Statement Mortgage
Exact guidelines vary by lender and program, but most Bank Statement Mortgages for primary homes share a few core requirements:
- 12 or 24 consecutive months of bank statements (business or personal)
- Primary residence only (owner‑occupied)
- Consistent deposit history that supports the loan amount
- CPA or tax preparer letter verifying your business expense ratio
- Acceptable credit, assets, and reserves per program guidelines
How the income calculation works
Step 1: Add up all eligible deposits over the selected 12 or 24‑month period.
Step 2: Divide by the number of months to find your average monthly deposits.
Step 3: Apply the allowed percentage based on account type and expense ratio:
- Business accounts: up to 85% of average deposits, depending on your certified expense ratio
- Personal accounts: up to 100% of average qualifying deposits
Your dedicated PrimeHome Lending advisor will model different scenarios (12 vs. 24 months, business vs. personal accounts) to maximize your qualifying income while staying within guidelines.
See how much home your bank statements can buy
Share a recent set of bank statements and we’ll provide a tailored scenario showing your estimated qualifying income, loan amount, and monthly payment range for a Bank Statement Mortgage on your primary home.
No obligation. We’ll simply help you understand whether this program is the right fit and what numbers you can expect.
FAQ
Common questions about Bank Statement Mortgages
Have questions about how your deposits, expense ratio, or business type might be viewed? Start here, then connect with our team for a personalized review.
Can I use this program if I’m buying a second home or investment property?
This page focuses on Bank Statement Mortgages for primary residences (owner‑occupied homes). Some lenders do offer bank statement options for second homes or investment properties, but the terms, required down payment, and guidelines can be different. Your PrimeHome Lending advisor can review all your options across property types.
What counts as a qualifying deposit?
In most cases, qualifying deposits are those that clearly come from your business activity or regular income sources. Large, one‑time transfers, refunds, or cash deposits may be backed out during underwriting if they can’t be documented. We’ll help you identify which deposits are eligible before you apply.
Why does my CPA need to verify my expense ratio?
For business bank statements, the lender needs to understand how much of your deposits are available as income after normal business expenses. Your CPA or tax preparer provides a signed letter estimating your typical expense ratio, which the lender uses to determine what percentage of deposits (up to 85%) can be counted as income.
Is a Bank Statement Mortgage more expensive than a traditional loan?
Because this is a specialty program with flexible documentation, rates and fees can be somewhat higher than standard agency loans. However, for many self‑employed buyers, it’s the only realistic way to access the home and price point they want. We’ll compare options so you can see the trade‑offs clearly.
Will I still need good credit and reserves?
Yes. While income is documented differently, lenders still look at your credit profile, assets, and reserves to make sure the loan is safe and sustainable for you. Strong credit and healthy savings can improve your terms, just as with any other mortgage.
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