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Bank statement loan programs
How the major program types differ, from the home you live in to the home you rent out.
Bank statement programs are available on select terms for primary homes, second homes and, on business-purpose programs, investment properties. Purchases and refinances are both common. Availability changes by lender, state and property type.
By how you will use the home
Primary residence
The home you live in most of the year. Consumer protections apply, which is why documentation, income review and ability-to-repay checks are part of the process. This is the most common use for statement-based income.
Second home
A vacation or part-time residence, usually in a location away from your main home. Occupancy requirements are stricter than people expect, so confirm how the lender defines it.
Investment property
A home you plan to rent out. These are generally business-purpose loans. If the rental income is the main story, a different program that looks at the property's rent may fit better. A DSCR program may be a better match in that case.
By what you want to do
| Goal | What to know |
|---|---|
| Purchase | The most common use. Timing and documentation need to be ready before you write an offer |
| Rate and term refinance | Replaces your current loan. Statement review replaces the tax-return income review |
| Cash-out refinance | Fewer programs and extra requirements, so tell your loan officer the goal early |
Property types
Single-family homes, planned unit developments and many condominiums are common. Two to four unit properties, rural homes and condos with special approval needs often have fewer options and tighter terms. Ask early if your target property is unusual.
Loan amounts
Select programs go well beyond conforming limits, and larger loans often carry extra documentation and reserve requirements. Smaller loans can have a floor. Your loan officer will tell you where your scenario sits.
What we do not publish
This site never lists rates, payments or specific terms. Those depend on your file, and a generic number would only mislead.
Related
Tell us what you want to buy or refinance
We will tell you which type of program fits.
Frequently asked questions
Can I use a bank statement loan to buy a vacation home?
On select programs, yes. A second home has to be a real second home, and a lender may check the distance from your primary residence and how you will use it.
Is a refinance harder than a purchase?
Not necessarily. A refinance means documenting your income the same way and also having an appraisal and a clear title. Cash-out adds extra rules.
Are investment properties handled differently?
Yes. They are business-purpose loans and a different set of rules applies. Rental income from the property may or may not be used, depending on the program.