Bank statement loans · Licensed in NJ · CT · FL · NMLS #1630225

Bank Statement Loans — Qualify Using Your Deposits, Not Your Tax Returns

If you are self-employed, the write-offs that lower your tax bill also lower the income a lender will count. A bank statement loan qualifies you on 12 or 24 months of actual deposits instead.

Last updated July 2026 · reviewed by a licensed mortgage broker

1Start my applicationA few minutes, no documents yet 2Call 888.958.5382Speak with a licensed loan officer 3Book a timePick a slot that works for you

★★★★★ 5.0 on GoogleNMLS #1630225 · verify on NMLS Consumer AccessLicensed in NJ · CT · FL (FL MLB 1987)Family owned since 2017 · Ridgefield, NJ

600Minimum
Credit Score

90%Maximum
Purchase LTV

12–24Months of Bank
Statements

Understanding Your Options

Bank Statement Loans let self-employed borrowers and business owners qualify using 12 to 24 months of bank deposits instead of tax returns or W-2s. Below is exactly how it works, the requirements, and who qualifies.

What Is a Bank Statement Loan, Exactly?

A Bank Statement Loan is a Non-QM mortgage that qualifies you using what lands in your bank account each month rather than the net income on a tax return. We place these loans through lenders who review 12 or 24 consecutive months of statements, average the deposits, and use that figure as your qualifying income. For many self-employed buyers across New Jersey, Connecticut, and Florida, that number ends up meaningfully higher than the bottom line on a Schedule C, since a good accountant’s job is minimizing taxable income, not maximizing what an underwriter sees.

The IRS maintains a detailed self-employed individuals tax center that explains how Schedule C net profit gets calculated, and seeing just how directly business write-offs reduce that figure is part of why Bank Statement Loans exist in the first place.

The CFPB also publishes plain-language guidance on the terms every borrower should understand before signing new loan paperwork, and reviewing those key mortgage terms ahead of time tends to make a Bank Statement Loan move faster, whether you’re buying or refinancing.

As a mortgage broker, we’re not boxed into one lender’s overlay. We place these loans across wholesale lenders throughout NJ, CT, and FL, so a deposit calculation that falls short with one often clears with another, and we can shop for the strongest rate on your file.

Requirements

Bank Statement Loan Requirements for New Jersey, Connecticut & Florida Borrowers

These are the baseline guidelines for Bank Statement Loans across New Jersey, Connecticut, and Florida. Lenders weigh deposits, credit, and equity differently, and as a mortgage broker we place your loan with the lender that fits best.

Requirement	Guideline	Notes
Income Documentation	12 or 24 Months	Personal or business bank statements, averaged to calculate qualifying monthly income.
Minimum Credit Score	600 FICO	The bank statement program floor; specific lender overlays can vary by file.
Maximum LTV — Purchase	Up to 90%	Top tier available at the strongest credit and loan amount combinations.
Maximum LTV — Rate & Term Refinance	Up to 85%	Stepping down on lower credit tiers or larger loan amounts.
Maximum LTV — Cash-Out Refinance	Up to 80%	Generally runs a few points below rate-and-term at the same credit tier.
Maximum Debt-to-Income Ratio	Up to 50%	A narrower 50–55% band is available with full documentation, six months reserves, and 80% max LTV.
Self-Employment History	As Little as 1 Year	Two years in the same business typically opens up additional loan amount and LTV options.
Loan Amount Range	$125,000 – $4,000,000	Amounts above $3,000,000 are available exclusively through our bank statement specialty lenders.
Eligible Occupancy	Primary, 2nd Home & Investment	Non-owner-occupied files follow a similar structure with slightly lower LTV breakpoints.

Behind the Scenes

What Actually Affects Your Bank Statement Loan Approval

Two borrowers with the same revenue can land in different places once an underwriter reads deposits and equity together.

What Lenders Weigh Alongside Your Deposits

Deposit Consistency

Steady monthly deposits underwrite more smoothly than a few large, irregular transfers needing explanation.

Business vs Personal Accounts

Business account statements typically require an expense factor to be applied, while personal accounts often don’t.

Loan Purpose & Equity

Whether you’re buying, lowering your rate, or pulling cash out, your down payment or equity position shapes your LTV ceiling.

Documentation Path

12-Month Bank Statement Program

Faster to document, used by borrowers self-employed at least a year with steady recent deposits.

24-Month Bank Statement Program

A longer deposit history can smooth out a slow season and sometimes supports a stronger income figure.

Who This Helps

Who Tends to Use a Bank Statement Loan Program?

Bank Statement Loans were built around a specific problem: solid cash flow that doesn’t translate cleanly onto a tax return. Here’s where this comes together most often for self-employed borrowers in NJ, CT, and FL.

Self-Employed Business Owners

Sole proprietors and LLC owners whose deductions keep taxable income below what actually moves through the business.

Real Estate Agents & Brokers

Commission income that swings month to month often averages out far better across a year of deposits than on a single tax return.

Restaurant & Retail Owners

Cash-heavy businesses with strong daily deposits but thin reported profit after write-offs.

Independent Contractors & Freelancers

1099 earners whose deposits run steadier than the taxable income left after business expenses.

Gig Economy & Rideshare Workers

Drivers and delivery workers with multiple income streams that are easier to verify through deposits than paperwork.

Recently Self-Employed Borrowers

Some lenders accept as little as one year self-employed, opening a purchase or refinance earlier than a conventional loan would allow.

How It Works

How a Bank Statement Loan Moves Through Underwriting

The process starts with your statements, not your tax returns. We collect 12 or 24 months of personal or business bank statements and review the deposit history month by month, flagging anything that needs explanation, like a large one-time transfer. An income worksheet totals eligible deposits and divides by the months reviewed to land on your average monthly qualifying income.

If your statements come from a business account, the lender typically applies an expense factor to the deposits before counting them as income, since business deposits include money that goes right back out for overhead. That factor varies by lender, which is why shopping a file across many lenders can change the numbers.

Once your income is set, we calculate your loan-to-value ratio against either your purchase price or your current mortgage payoff, and your debt-to-income ratio using that bank-statement-derived income against your monthly debts, capped at 50%, or up to 55% on a narrower set of files.

From there, appraisal and title work move the same way they would on any other purchase or refinance, whether you’re closing in New Jersey, Connecticut, or Florida. Each state has its own closing customs, but the underwriting path is the same.

Run Your Numbers

Estimate Your Qualifying Income

Enter what you deposit in an average month. Personal account deposits are generally counted in full; business account deposits are reduced by an expense factor. This is an estimate — the lender sets the final figure.

Bank statement income estimatorNo credit pull, nothing saved

Average monthly deposits

Which account

Other monthly debt payments

Car loans, cards, student loans — not your mortgage payment.

Estimated qualifying income$0per month, before underwriting

Upper end for a housing payment$0at the program’s 50% maximum debt-to-income; most approvals land below this

Get the real number

Estimate only, not a loan approval or a commitment to lend.

Not sure how much of your deposits a lender will count?
Find out in a few minutes

Before You Start

What Happens After You Apply

You send the application
A few minutes online. No documents at this stage.
A licensed loan officer calls you
Someone on our team covering your state.
We ask for documents and pull credit
Only once you have decided to move forward.
You get an approval to shop with
Typically back within the hour.

What Clients Say

Real Reviews From Our Clients

Here’s what a few of our clients said about working with Mortgage-World.com.

“Chris Luis is the BEST mortgage broker on this planet! If you’re looking to buy a home, definitely give him a call. Chris will go above and beyond to try to help you!”

— Tanya W.

“I had an opportunity to work with Chris when I did my refinancing. I would highly recommend his services to anyone. He was efficient, helpful and very prompt in responding.”

— Aurora T.

“Julia Luis has been very professional and has been very helpful during the process! Anyone looking for someone to assist them in their future adventures needs to have her on your side! Thank you for being there for me!!”

— Joel F.

Frequently Asked Questions About Bank Statement Loans

What is a Bank Statement Loan?

A Bank Statement Loan is a Non-QM mortgage that qualifies you using 12 or 24 months of personal or business bank deposits instead of tax returns, built for self-employed borrowers whose write-offs lower their taxable income below what they actually earn.

How many months of bank statements are required?

Most programs accept either 12 or 24 months of statements. A 12-month review is faster to document, while 24 months can sometimes support a stronger qualifying income figure.

What credit score do I need for a Bank Statement Loan?

Our bank statement guidelines start at 600 FICO, though your loan amount, equity, and occupancy all factor into where a specific file lands.

Can I use a Bank Statement Loan to buy a home, or only to refinance?

Both. Bank Statement Loans are available for purchases up to 90% loan-to-value, rate-and-term refinances up to 85%, and cash-out refinances up to 80%, on primary, second home, and investment properties.

What is the maximum DTI on a Bank Statement Loan?

Generally 50%, with a narrower 50–55% band available for full-documentation borrowers who can show six months of reserves and stay at or below 80% LTV.

Can I qualify with only one year of self-employment?

Some lenders accept as little as one year in business, though two years of self-employment history typically opens up additional loan amount and LTV options.

Is Mortgage-World.com able to help with Bank Statement Loans in New Jersey, Connecticut, and Florida?

Yes. Mortgage-World.com is a mortgage broker licensed in NJ, CT, and FL (NMLS #1630225), placing home loans since 2017. We work with wholesale lenders offering Bank Statement Loan programs alongside FHA, VA, and other Non-QM options.

How much down payment do I need for a Bank Statement Loan?

On a purchase, a strong file can go up to 90% of the price — 10% down — with the exact figure set by your credit and the property. Lower credit lowers the ceiling, and a cash-out refinance reaches 80% of value. There is no separate mortgage insurance to budget for the way there is on some low-down conventional loans.

How is my income worked out from the bank statements?

We average the deposits over the 12 or 24 months you provide, and that average becomes your qualifying income. Money paid into a personal account counts in full. Money paid into a business account is reduced by an expense factor to approximate what is really yours after the cost of running the business — and you choose the factor that fits, rather than having one imposed. It is worth doing with a loan officer, because the account you draw from can change the number.

What loan amounts are available on a Bank Statement Loan?

Loan amounts run from $125,000 up to $4,000,000, so the program covers everything from a modest condo to a high-value home. Where your file lands in that range depends on your qualifying income, your credit and the property. Call 888.958.5382 and a loan officer will tell you the range your deposits support.