Loan Programs
12/24 Month Bank Statement
Serving OUR Community’s Self-Employed Borrowers with Smarter Loan Options.
Designed for the Self-Employed
If you’re self-employed and frustrated by traditional income documentation requirements, the 12/24 Month Bank Statement is your flexible path to homeownership or refinancing. No tax returns, W2s, or pay stubs needed—just your business bank statements.
Benefits of a 12/24 Month Bank Statement
- No Tax Returns Required – We qualify your income based on your 12 most recent business or personal bank statements, not your IRS documents.
- Ideal for Self-Employed Borrowers – Perfect for business owners, freelancers, consultants, gig workers, and independent contractors with non-traditional income.
- Use Business or Personal Accounts – We can analyze either personal or business bank statements. If using business accounts, we apply an expense ratio (typically 50%).
- Purchase, Refinance, or Cash-Out – Use this loan to buy a home, lower your interest rate, or access equity for business growth or debt consolidation.
- Competitive Terms – Flexible fixed and adjustable rate options. Loan amounts up to $5 million with high LTVs and no private mortgage insurance (PMI).
12/24 Month Bank Statement Parameters
- Income Docs: 12 months of personal or business bank statements
- Credit Score: Minimum 620–660 (700+ for best terms)
- Loan Amount: $150,000 – $5,000,000+
- Max LTV: Up to 90% (purchase), 85% (refi), 80% (cash-out)
- DTI (Debt-to-Income): Up to 50% (case-by-case)
- Property Types: SFR, condos, townhomes, 2–4 units
- Occupancy: Primary, second home, investment
- Reserves: 3–12 months depending on profile
- Loan Terms: 30-year fixed, interest-only, or ARM
- Prepayment Penalty: None on primary/second home; may apply to investment
- Self-Employment Length: Minimum 2 years required
- PMI: Not required, even over 80% LTV
How Income Is Calculated & Who Qualifies
How Income is Calculated:
- Business Accounts: Monthly deposits × 50% (or custom expense factor with CPA letter)
- Personal Accounts: 100% of deposits (if not commingled with business income)
- Note: Underwriters look for consistency over the 12-month period
Who This Loan is For:
- Self-employed borrowers with high income but low reported AGI
- Entrepreneurs with write-offs that reduce taxable income
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Buying, refinancing, or exploring your options? Connect with Greg Downs at New American Funding for personal guidance and home loan options that fit your goals.
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