Ella Gurfinkel - Individual NMLS #188161

Licensed in OR (OR#188161), WA (WA#MLO-188161) and CA (CA#DBO-188161)

Fairway Independent Mortgage Corp. NMLS#2289

NMLS Consumer Access Website

Bank Statement Loans

Have you been turned away for a mortgage loan because you tried to apply for a mortgage without a W-2 or paycheck to verify your income?

This is a very common occurrence for self-employed borrowers who do not have traditional employment situations.

The good news is that you don't actually need to be a traditional W-2 employee to purchase a home.

What is a Bank Statement Loan?

Traditional loans will generally require tax returns, W-2s and paycheck stubs in order to verify a borrower’s income. A bank statement loan allows personal or business bank statements to calculate income without requiring tax returns or a W-2.

How Do Bank Statement Loans Work?

Bank statement loans don't need your tax returns, W-2s, pay stubs, or employer verification forms. Instead, you can use your personal bank accounts, or personal and business bank accounts, to prove your income and cash flow. 

You will still need to give your lender some of the normal paperwork as part of the loan process. In fact, you may have even more forms to fill out and documents to provide, because proving your income will be more complex than for a conventional loan.

Some of the things you may need for a bank statement loan are:

  • 12 to 24 months of bank statements (personal and business)
  • Good Credit Score (the exact score you need will depend on your lender)
  • 2 Years Self-Employment History
  • Ability to cover 3-6 months of mortgage payments with cash or other liquid funds.
  • Proof of any liquid assets, such as a 401(k) or investments
  • Your business license (if you have one)
  • Proof of your business expenses and a statement that you file taxes as an independent contractor (letter from Accountant)

Requirements vary by lender. We can discuss the exact information needed for your specific situation. 

Who are Candidates for Bank Statement Mortgages?

  • Small Business Owners
  • Freelancers
  • Doctors
  • Lawyers
  • Entrepreneur
  • Self-Employed
  • Gig Workers
  • Full-Time Real Estate Investors
  • Anyone with a non-traditional income scenario

Not sure whether you should apply for a bank statement mortgage? You can contact us by calling or texting (503) 358-7769 or by scheduling a call here to find out whether this is the type of mortgage process for your needs.

Pros & Cons of a Bank Statement Loan


  • No tax returns, W-2s, or pay stubs needed
  • A higher DTI ration (debt-to-income) may be okay 
  • Can have high loan limits
  • Often can be used on primary residences, second homes, and investment purchases


  • May have higher interest rates
  • May need a larger down payment
  • Not offered by all lenders

Find Out if a Bank Statement Loan is Right For You!

A bank statement loan might be your best option if your tax returns don’t adequately reflect your income. However, many self-employed workers are eligible for other, more traditional types of mortgages, even with inconsistent income. It is important to consider all your options. We are here to help guide you to the best loan option for your situation! Give us a call or text at (503) 358-7769 or use our quick and easy online calendar here to setup a call that fits your schedule.


Find out if you qualify for a Bank Statement Loan by contacting Fairway Independent Mortgage Corp. Today at (503) 358-7769!

Ella Gurfinkel - Individual NMLS #188161

Licensed in OR (OR#188161), WA (WA#MLO-188161) and CA (CA#DBO-188161)

Fairway Independent Mortgage Corp. NMLS#2289

NMLS Consumer Access Website

Choose Where to Start

Get Pre-Approved
Request a Rate Quote
Schedule a 1:1 Call
Ella Gurfinkel, Mortgage Lender 12909 SW 68th Pkwy #250, Portland, OR 97223
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