Why Bank Statement Loans Are a Game-Changer for Self-Employed Borrowers
Posted by Gwinn Volen on
by Aaron Bacus
As a mortgage broker, I understand the unique challenges that self-employed individuals face when trying to secure a mortgage. Traditional mortgage qualifications often rely heavily on W-2 forms and tax returns, which can be a significant hurdle for those who run their own businesses. However, there's an alternative solution for self-employed borrowers: bank statement loans.
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What Are Bank Statement Loans?
Bank statement loans are a type of mortgage designed specifically for self-employed individuals who might not have the typical documentation required for a conventional loan. Instead of relying on tax returns and W-2s, these loans use the borrower's bank statements to determine their income. Lenders look at the deposits made…
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