Qualify with bank statements
Some programs use personal or business bank statements, rather than tax returns, to calculate qualifying income.
Bank Statement & Non-QM Loans · Arizona
Bank Statement & Non-QM Loans in Arizona
Traditional loans lean heavily on tax returns and W-2s. If you are self-employed, own a business or have income that looks different on paper, bank statement and other non-QM (non-qualified mortgage) programs can look at your finances the way they actually work.
At a glance
For income that doesn’t fit a W-2.
Other non-QM options
Depending on your situation, there may be programs built around assets, rental income or other alternative documentation.
Many lenders, many guidelines
Non-QM guidelines vary a lot from lender to lender. Having access to many of them makes it much more likely we find one that fits your file.
Honest trade-offs
Non-QM loans can carry different pricing, down payment and reserve requirements than conventional loans. I’ll lay out the trade-offs clearly before you decide.
Worth knowing
Things to weigh before you choose
- Pricing is often higher than conventional financing, and down payment and reserve requirements vary.
- Each lender has its own documentation rules, such as how many months of statements and how expenses are treated.
- Not every borrower or property qualifies. If a traditional loan fits better, I’ll tell you.
Assumable angle
Bank statement and non-QM loans are generally not assumable. If a low assumable rate matters to you as a buyer, look for homes with existing FHA, VA or USDA financing.
FAQ
Bank Statement & Non-QM Loans: common questions
What is a bank statement loan?
A bank statement loan is a type of non-QM mortgage that uses your personal or business bank statements to calculate qualifying income instead of tax returns. It is commonly used by self-employed borrowers whose tax returns understate their real cash flow.
What does non-QM mean?
Non-QM stands for non-qualified mortgage: a loan that falls outside the standard “qualified mortgage” documentation rules. These programs still require you to show you can repay the loan, just using different documentation.
Are non-QM rates higher?
Often, yes. Pricing depends on the program, your credit, down payment and the lender, and it changes over time. I’ll compare options so you can decide whether the flexibility is worth it, and whether a traditional loan might work instead.
Can I refinance out of a non-QM loan later?
Many borrowers do once their tax returns support a traditional loan. There’s no guarantee you’ll qualify or that rates will be lower in the future, so we’ll plan with that in mind.
Can I get a mortgage with only 1099 income?
Often, yes. Some non-QM programs qualify you from your 1099 forms instead of tax returns, and others use 12 or 24 months of bank statements or a CPA-prepared profit and loss statement. The best fit depends on how your income shows up on paper, and I compare the options across a network of lenders.
What is an asset depletion loan?
An asset depletion (or asset utilization) loan qualifies you based on liquid assets, such as savings, investment or retirement accounts, instead of a paycheck. The lender converts eligible assets into a monthly qualifying income. It can suit retirees and borrowers with substantial assets but irregular income.
Get started
See what you qualify for, no pressure.
A two-minute start, a real conversation, and a clear picture of your options. No hard credit pull to get started.
Typical reply: same business day · NMLS #2735366