Bank Statement Loans in Michigan
Bank Statement Loans are designed specifically for self-employed individuals, business owners, gig entrepreneurs, and 1099 contractors whose tax returns show heavy deductions that lower net taxable income. Ramzi Faraj calculates qualifying income directly from 12 or 24 months of personal or business bank deposits.
Who This Loan Program Is Designed For
Self-employed business owners, freelancers, independent contractors, and entrepreneurs with strong cash flow.
How Bank Statement Loans Works
Instead of examining IRS tax returns or W-2s, underwriters total gross eligible business or personal deposits over 12 to 24 months, apply a standard expense factor (typically 10%–50%), and determine true monthly qualifying power.
Key Benefits & Advantages
Qualifications & Borrower Guidelines
- At least 2 years self-employment or business ownership history
- Minimum 15% down payment
- Credit score generally 660 or higher
- Consistent monthly deposit activity
Typical Required Documentation
Example Scenario
"A successful contractor in Oakland County whose tax returns show $60,000 net income after write-offs, but whose business bank accounts show $350,000 in annual deposits. Ramzi utilized a 12-month bank statement analysis to qualify him for a $650,000 primary residence mortgage."
Frequently Asked Questions
Do Bank Statement Loans require tax returns?
No! Tax returns are explicitly excluded from underwriting. Income is determined solely from bank deposit totals.
What expense ratio is applied to business bank statements?
Standard expense factors range between 20% and 50% depending on business type, or a custom CPA letter can verify lower operating expenses.
Ramzi Faraj
Citizens State BankHave questions about Bank Statement Loans? Contact Ramzi for a personal mortgage scenario review.
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