Can I use bank statements to verify income?
Hi everyone, I live in Limerick, PA and I am a car salesman. Last year my income was $90k and this year I am looking at $120k. The problem is I write off around 40 to 45% of my 1099 money. This means that I can’t show my earnings as income when I apply for a home loan. This leaves me with around $20k for a down payment on a $180k home but not sure if things will work out. My credit score is 709 and I have $1k worth of bills like car payments and credit card bills. Any ideas? Can I use bank statements to verify my income? by jesse143 from Cassville, Pennsylvania. Dec 22nd 2021
Joe Metzler (JoeMetzler)
#17 ranked lender in Minnesota - 4,848 contributions
Yes, there are bank statements loans in which we use the deposits into your bank account as qualifying income instead of paystubs and w2's. Minimum down payment requirements are higher, and interest rates are higher than traditional loans, but yes, they are a valid loan option. I have some good information on these non-traditional NON-QM type loans at https://joemetzler.com/no-doc-loans/ I personally lend for properties in MN, WI, IA, ND, SD. - Cambria Mortgage, NMLS 274132
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