Bank Statement Loans Requirements & Eligibility
Everything you need to know to qualify for Bank Statement Loans
Quick Requirements
Key eligibility criteria at a glance
Detailed Eligibility Requirements
Credit Score Requirements
You need a minimum credit score of 620 to qualify for Bank Statement Loans. Higher scores may qualify you for better rates and terms.
Lower credit scores may require a larger down payment or additional compensating factors.
Down Payment
Bank Statement Loans requires a minimum down payment of 10%. On a $300,000 home, that's $30,000.
Down payments under 20% typically require mortgage insurance (MI/PMI/MIP).
Eligible Property Types
- Single Family
- Condo
- Townhome
- 2-4 Unit
- Second Home
Documentation Typically Needed
- Government-issued photo ID
- Social Security number
- Pay stubs (last 30 days)
- W-2 forms (last 2 years)
- Tax returns (last 2 years)
- Bank statements (last 2-3 months)
- Proof of assets and investments
- Employment verification
Why Choose Bank Statement Loans?
No tax returns needed
Use bank deposits as income
Business or personal accounts
Competitive rates for self-employed
Flexible underwriting
Up to 90% LTV available
How to Improve Your Eligibility
Steps you can take to strengthen your application
Improve Your Credit Score
Pay down existing debts, make all payments on time, and avoid opening new credit accounts before applying.
Save for a Larger Down Payment
A larger down payment can offset credit concerns and may help you avoid mortgage insurance.
Lower Your Debt-to-Income Ratio
Pay off credit cards, car loans, or student loans to reduce your monthly obligations.
Gather Documentation Early
Having all required documents ready speeds up the process and shows lenders you are serious.
Get Pre-Approved
Pre-approval shows sellers you are a serious buyer and gives you a clear picture of what you can afford.
Trusted by Homebuyers Nationwide
Real reviews from borrowers who qualified with NMHL
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