Estimate only. This is not a loan offer, rate quote, commitment to lend or approval. Lender rules, credit, documentation and the property decide what you may qualify for. Programs vary by borrower, property and investor.
How this estimate works
A bank statement program looks at the money that actually lands in your accounts instead of the income on your tax returns. The lender adds up eligible deposits over the review period, removes anything that is not business income, such as transfers between your own accounts, loan proceeds or one-time refunds, and then applies an expense factor to business deposits to account for the cost of running the business. Some programs accept a letter from a CPA, enrolled agent or tax preparer stating your actual expense ratio instead. The result is divided by the number of months reviewed and multiplied by your ownership share.
What moves the number
- Whether you use personal or business statements
- Which deposits the underwriter treats as income
- The expense factor or the expense letter your preparer can support
- Large or unusual deposits, which usually need an explanation and a paper trail
- Declining deposits over the review period
A licensed loan officer can review your situation. Programs vary by borrower, property and investor.
Start your application in a few minutes. A licensed loan officer reviews it and follows up with your options.
- Takes a few minutes
- Reviewed by a licensed loan officer
- No obligation to proceed
Prefer to talk first? Call (888) 508-8976. Applying is not a loan approval or commitment to lend; programs vary by borrower, property and investor. ClearPoint Mortgage Advisors, NMLS #173855. Properties in FL, NY, NJ, PA, CT and VA only.
Learn more: Bank Statement Loans · All calculators