Bank Statement Deposit Loans – An Overview
Are you a self-employed borrower or someone with non-traditional sources of income? If so, you may be interested in Bank Statement Deposit Loans, a lending option offered by WealthifyMe.
What are Bank Statement Deposit Loans?
Bank Statement Deposit Loans are a type of mortgage loan that allows borrowers to use their bank statements as proof of income instead of traditional pay stubs or W-2s. This type of loan is designed to help self-employed borrowers and those with non-traditional income sources qualify for a mortgage.
How Do Bank Statement Deposit Loans Work?
When applying for a Bank Statement Deposit Loan, borrowers must provide bank statements that show their income for a certain period of time, usually 12 to 24 months. The lender will then use this information to determine the borrower’s ability to repay the loan.
Benefits of Bank Statement Deposit Loans
One of the biggest benefits of Bank Statement Deposit Loans is that they offer flexibility to borrowers who may have difficulty providing traditional income documentation. This type of loan can also provide a faster approval process, as it does not require extensive income verification.
At WealthifyMe, we understand that self-employed borrowers and those with non-traditional income sources may have difficulty finding a mortgage that meets their unique needs. That’s why we offer Bank Statement Deposit Loans as a lending option to help these borrowers achieve their homeownership goals.
WealthifyMe – Your Trusted Mortgage Brokerage
At WealthifyMe, we are committed to helping our clients find the best mortgage options to suit their unique financial situations. Our team of experienced mortgage professionals can guide you through the application process and help you choose the best loan option for your needs.
Contact us today to learn more about Bank Statement Deposit Loans and how we can help you achieve your homeownership dreams.