Short answer
First-time buyers can use bank statement programs when they meet the program's credit, history and asset requirements. Because it is a first purchase, planning for cash to close, reserves and an eligible property is especially important.
The three things first-timers underestimate
- Cash. Funds to close and reserves come from your own accounts, and large deposits need an explanation.
- Time in business. A short history needs stronger support.
- Credit. Programs set minimum scores, and recent late payments can narrow your choices.
How to plan your first purchase
- Keep your savings in a single, documented account.
- Do not take on new debt before closing.
- Ask about homebuyer education and any down payment assistance in your area, which may or may not work with a given program.
- Get a preapproval conversation before you make an offer.
Where to start
Read the requirements overview, then call or apply. A loan officer can tell you what to fix first.
Related
Ready to talk it through?
Apply online or call. A loan officer will review your situation.
Frequently asked questions
Do assistance programs work with bank statement loans?
Some do not. Ask your loan officer before you rely on one.