Qualifying for a mortgage loan can get pretty complicated for some borrowers, especially self-employed individuals, business owners, or retirees. Just because you don’t get a W2 at the end of the year doesn’t mean you shouldn’t be able to qualify. For borrowers who don’t have traditional sources of income or employment, Bank Statement Loans may be the right financing solution they need.
Bank Statement Loans verify borrower income using bank statements instead of W2s and tax returns. Usually, lenders use W2s and tax returns or employment records to verify income and employment history. This verification process can be difficult for retirees, self-employed borrowers, or contractors such as lawyers.
This type of financing is designed for borrowers who don’t work standard jobs and are often self-employed, or don’t have a steady cash, such as freelancers.
Considering a bank statement based mortgage loan? Our mortgage specialists at Preferred Mortgage Source are here to help whether you would like to consider a bank statement loan or explore the many other mortgage products we have available. Give us a call at 404-383-1003 or complete our easy contact form below. One of our experienced mortgage advisors will contact you soon.
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