Updated terms: These programs are eligible for borrowers with credit scores above 720 and loans at 60% LTV = for a loan of no more that 60% of the appraised value of the property.
Applying for a mortgage, but don’t have a W-2? With bank statement loans, that does not need to stand in the way of purchasing or refinancing a home in Seattle or elsewhere in Washington.
When you apply for a bank statement loan, you do not need to provide a W-2 or other traditional paperwork to demonstrate your income. As the name implies, you need only state your income.
Washington Bank Statement Loan Benefits
- You do not have to provide a W-2. You also do not need to offer documentation such as tax returns or pay stubs to verify your income.
- When speed is of the essence, a bank statement loan can be a great time-saver. It can also simplify the application process.
- Work with a lender that understands you. Explaining the nuances of your finances to a lender that only deals in traditional documentation can test your patience. Blue Square Mortgage processes bank statement loans on a regular basis for customers with a broad range of situations. We will work with you to help you apply quickly and efficiently for a loan.
Who Should Apply for a Washington Bank Statement Loan?
- For those who are self-employed, submitting a W-2 as proof of income is not feasible. A bank statement loan frees you from this requirement.
- If you have just recently taken a new job in Seattle, Bellevue, or another location in Washington, submitting documentation from your job may not be practical. Using the stated income method may make financing the purchase of a home more accessible.
- Investors and others for whom a debt-to-income ratio is not fully representative may find that a bank statement loan is a more appropriate option.
- Does your income move up and down from month to month or season to season? The stated income method may allow you to paint a more accurate picture of your financial means.