Bank Statement Programs
You can send your bank statements for calculation, contact your AE for instructions
12 Months Personal Bank Statement Program
Qualifying income: 100% of deposits, not including transfers from other personal accounts, averaged over 12-month period.
No Tax Returns Required, No Transcripts Required, Multiple Accounts Can be Used, Combination of Business and Personal Statements Allowed by Exception, Additional income deposited into the bank statements (ie; W2 income, alimony/child support) derived from a source other than the self‐employed business may not be included in the bank statement average but can be documented separately.
24 Months Personal Bank Statement Program
Qualifying income: 100% of deposits, not including transfers from other personal accounts, averaged over 24-month period.
No Tax Returns Required, No Transcripts Required, Multiple Accounts Can be Used, Combination of Business and Personal Statements Allowed by Exception, Additional income deposited into the bank statements (ie; W2 income, alimony/child support) derived from a source other than the self‐employed business may not be included in the bank statement average but can be documented separately.
12 Months Business Bank Statement Program
Qualifying Income is the lower of the following two options:
— Income indicated on the initial signed 1003
— Monthly net income from the P&L OR income after deducting a 50% expense factor (or one that is reasonable for the line of work) from the total usable deposits
The P&L can be prepared by a neutral 3rd party or licensed tax preparer and should cover the same period as the bank statements – it should be signed and dated.
The monthly gross revenue from the P&L must be supported by the business bank statements provided. For example: bank statements provided are from 12/2018 thru 12/2019 – P&L should cover December 2018 thru December 2019. Total monthly average deposits per bank statements (minus any disallowed deposits) must be within 10% of monthly gross revenue reflected on P&L.
No Tax Returns Required, No Transcripts Required, Multiple Accounts Can be Used, Combination of Business and Personal Statements Allowed by Exception, Additional income deposited into the bank statements (ie; W2 income, alimony/child support) derived from a source other than the self‐employed business may not be included in the bank statement average but can be documented separately.
24 Months Business Bank Statement Program
Qualifying Income is the lower of the following two options:
— Income indicated on the initial signed 1003
— Monthly net income from the P&L OR income after deducting a 50% expense factor (or one that is reasonable for the line of work) from the total usable deposits
The P&L can be prepared by a neutral 3rd party or licensed tax preparer and should cover the same period as the bank statements – it should be signed and dated.
The monthly gross revenue from the P&L must be supported by the business bank statements provided. For example: bank statements provided are from 12/2017 thru 12/2019 – P&L should cover December 2017 thru December 2019. Total monthly average deposits per bank statements (minus any disallowed deposits) must be within 10% of monthly gross revenue reflected on P&L.
No Tax Returns Required, No Transcripts Required, Multiple Accounts Can be Used, Combination of Business and Personal Statements Allowed by Exception, Additional income deposited into the bank statements (ie; W2 income, alimony/child support) derived from a source other than the self‐employed business may not be included in the bank statement average but can be documented separately.