What is a Bank Statement Mortgage?

For many self-employed professionals and business owners in Grand Rapids, MI, traditional tax returns do not always tell the full story of their financial health. That is where a bank statement mortgage comes in. Also known as stated-income loans, these alternative financing options allow borrowers to qualify for a home loan using personal or business bank statements rather than standard W-2s or tax returns.

At Priority Home Mortgage, we understand that every financial situation is unique. As experts in alternative lending, we specialize in providing second opinions on bank statement loans to ensure you get the best terms possible. Whether you are exploring a self-employed alternative doc mortgage or looking into a broader non-qualified mortgage (Non-QM), our experienced team is here to guide you through the process.

• Flexible Documentation: Use 12 to 24 months of bank statements to prove income.
• Tailored Solutions: Ideal for freelancers, contractors, and entrepreneurs.
• Local Expertise: Serving the Grand Rapids real estate market with competitive rates.

12-Month vs. 24-Month Bank Statements and Alternative Options

When applying for a bank statement mortgage, lenders typically ask for either 12 or 24 months of bank statements. A 12-month review is often faster and works well for business owners with a recent surge in consistent income. On the other hand, a 24-month review provides a longer look at your financial history, which can sometimes help secure more favorable interest rates by demonstrating long-term stability.

If bank statement loans do not perfectly fit your needs, Priority Home Mortgage offers other flexible options, such as asset-based lending and DSCR (Debt Service Coverage Ratio) loans for real estate investors. Asset-based loans allow you to qualify based on your liquid assets, while DSCR loans focus on the cash flow of an investment property rather than your personal income. We also offer portfolio in-house underwritten mortgage solutions to give you maximum flexibility tailored to your exact situation.

Loan Type	Primary Qualification Method	Best For	Income Verification
12-Month Bank Statement	Recent cash flow deposits	Entrepreneurs with recent growth	12 months of statements
24-Month Bank Statement	Long-term cash flow deposits	Established self-employed borrowers	24 months of statements
Asset-Based Loan	Liquid assets and reserves	High-net-worth individuals	Asset account balances
DSCR Loan	Property rental income	Real estate investors	Property cash flow vs. debt

Why Choose Priority Home Mortgage in Grand Rapids?

Finding the right alternative financing requires working with a lender who understands the nuances of self-employment and investment income. At Priority Home Mortgage, located right here in Grand Rapids, MI, we pride ourselves on making the loan process simple, straightforward, and fast.

If you have been turned down by another lender or simply want to ensure you are getting the best deal, we are experts at providing second opinions on bank statement loans. Our team will review your unique financial picture and match you with the perfect home loan. Contact Matthew Peterson today at 1-616-951-1561 or via email at Matthew@mypriorityhome.com to discuss your bank statement mortgage options.

Q1: What is a bank statement mortgage?

A bank statement mortgage is a type of non-QM loan that allows self-employed borrowers to qualify for a home loan using their personal or business bank statements instead of traditional tax returns.

Q2: Do I need 12 or 24 months of bank statements to qualify?

Lenders typically accept either 12 or 24 months of statements. A 12-month review is great for recent income consistency, while a 24-month review shows long-term stability and may offer better rates.

Q3: Can I use a bank statement loan for an investment property?

Yes, bank statement loans can be used for investment properties. Alternatively, real estate investors might also consider a DSCR loan, which qualifies based on the property rental income rather than personal income.

Q4: What if I have already been denied a mortgage by another lender?

Do not give up. We are experts at providing second opinions on bank statement loans and often find solutions for borrowers who were turned down by traditional banks.

Q5: How do I apply for a bank statement loan in Grand Rapids, MI?

Applying is easy. Contact Matthew Peterson at Priority Home Mortgage in Grand Rapids by calling 1-616-951-1561 to start your alternative document mortgage application today.Get Your Free Bank Statement Loan Quote Today