Cash to Close · 9 min read
How Much Cash Do You Really Need to Buy a Home?
A plain-English breakdown of down payments, closing costs, reserves, and the smaller line items most first-time buyers don't see coming.
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Investment & Business
Bank Statement Loans
A mortgage for the way self-employed borrowers actually earn, built around bank deposits instead of tax returns.
Corie Adams · Producing Branch Manager · NMLS #1875205
Who this is for
Whether this fits the plan you have.
If you're self-employed, own a business, or earn most of your income outside of a traditional paycheck, tax returns don't always tell the whole story.
Self-employed borrowers and 1099 earners
Your income is real, but legitimate deductions can make it look smaller on paper than it actually is.
Small business owners
Business deposits and revenue tell a fuller story of what your business actually brings in month to month.
Real estate investors with active businesses
Investors running an active business alongside their portfolio often qualify well using deposit history.
Professionals with variable income
Commission, freelance, or seasonal earners whose income doesn't fit neatly into a W-2 can still document a strong qualifying picture.
Borrowers comparing their options
You want to see a bank statement loan compared side by side with conventional financing before deciding which fits your goals.
How it works
The path, step by step.
The process mirrors a conventional mortgage, with the income documentation step built around your deposits instead of tax returns.
Gather your statements
We'll identify whether 12 or 24 months of personal or business bank statements fits your situation best.
Deposits are averaged
Your statements are reviewed and deposits are averaged to establish a qualifying monthly income.
Compare structures
We compare a bank statement loan against conventional financing side by side, including rate, down payment, and documentation differences.
Application and underwriting
Once you choose a structure, we move through application, underwriting, and appraisal like any other mortgage.
Closing
You sign, the loan funds, and you move forward with financing built around how you actually earn.
Start with a real number, not an estimate.
A pre-approval reviews your income, assets, and credit so you know the price range you can actually work with before you tour a home or sign a builder contract.
Requirements at a glance
What underwriting looks at.
Requirements vary meaningfully by lender, so these are typical ranges rather than fixed rules.
- Income documentation
- 12 or 24 months of personal or business bank statements
- Employment type
- Self-employed, 1099, or business owner status generally required
- Down payment
- Varies by lender and often runs higher than conventional minimums
- Credit score
- Program dependent; stronger credit typically improves pricing
- Property types
- Primary residences, second homes, and investment properties
- Reserves
- Some lenders require reserves in addition to the down payment
Guidelines vary by investor and change over time. Nothing here is a commitment to lend or an approval of credit.
Costs and assumptions
What it costs, and what we assumed.
Costs follow the same categories as a conventional mortgage, though pricing can differ because the documentation is less standardized.
Down payment
Often higher than conventional minimums, though the exact amount depends on the lender and your credit profile.
Rate
Rates vary by lender and can run higher than conventional pricing to offset the alternative documentation.
Closing costs
Standard mortgage closing costs apply, including title, appraisal, and lender fees.
Common misconceptions
What people get told, and what is actually true.
Often heard
Bank statement loans are only for people who can't qualify any other way.
In practice
Many borrowers who could qualify conventionally choose a bank statement loan because it reflects their actual earning power more accurately.
Often heard
You always need 24 months of statements.
In practice
Some programs allow qualifying off 12 months, which can produce a higher qualifying income depending on your deposit history.
Often heard
The rate is always much higher than conventional.
In practice
Pricing varies by lender and credit profile. It's worth comparing real numbers rather than assuming.
Questions
Asked at the kitchen table.
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