Welcome to iLoan: Bank Statement Mortgage Program Explained

What is a Bank Statement Mortgage Program?

At iLoan, we understand that the traditional mortgage application process doesn’t fit everyone’s unique financial situation. That’s why we offer the Bank Statement Mortgage Program – a solution crafted for borrowers who may not have typical income documentation but can demonstrate their ability to repay through their bank statements.

Why Choose a Bank Statement Mortgage Program?

1. Self-employed? We’ve got you covered: Traditional loans require W-2 forms and pay stubs, but if you’re self-employed, these documents might not reflect your true income. Instead, our Bank Statement Mortgage Program takes into account your bank deposits, offering a clearer picture of your earning capabilities.
2. Flexible Documentation: Forget about the extensive paperwork. Provide 12-24 months of bank statements, and we’ll analyze your cash flow and income.
3. Tailored for Non-traditional Borrowers: Whether you’re a freelancer, contractor, or have diverse sources of income, our program can be the key to securing your home loan.

How Does It Work?

1. Submit Your Bank Statements: Depending on the specific requirements of our program, you may need to provide either 12 or 24 months of personal or business bank statements.
2. Analysis: Our team at iLoan will analyze your deposits to determine your monthly income. We focus on consistency and the ability to repay, ensuring that the loan fits your financial picture.
3. Approval and Terms: Once we assess your income through the bank statements, we’ll provide you with potential loan terms that suit your needs.

Questions Call (888)416-4805

Benefits of iLoan's Bank Statement Mortgage Program

• Competitive Interest Rates: Just because it’s non-traditional doesn’t mean you should pay more. Our interest rates are competitive and fair.
• Higher Approval Rates: Our holistic approach increases the chances of approval for non-traditional borrowers.
• Dedicated Support: Our team is always here to guide you through the process, ensuring a seamless and stress-free experience.
• Fast Processing: We understand the importance of time in the home-buying journey. Our streamlined process ensures quick evaluations and decisions.

Frequently Asked Questions (FAQs)

• Q: Can I apply if I have both personal and business bank accounts?
  • A: Absolutely! You can provide statements from both, and we will evaluate the best possible income representation for you.
• Q: What if I have had large deposits recently?
  • A: We will typically ask for documentation or an explanation for any unusually large deposits to ensure they are representative of your regular income.
• Q: Are the interest rates higher for bank statement mortgages?
  • A: Not necessarily. At iLoan, we offer competitive rates for our Bank Statement Mortgage Program, which are determined based on various factors including credit score, loan amount, and loan-to-value ratio.

Ready to dive in or have more questions? Contact us today at (888)416-4805 and let our dedicated team at iLoan assist you in making homeownership a reality.