For all home loans, lenders need to verify your income before approval. In the case of bank statement loans, bank statements are used as income verification instead of W2s and your tax return. Typically, bank statement mortgage loans require 12 or 24 months’ worth of bank statements. However, in some cases, you may be able to get approved with only one month’s worth of bank statements. One of our loan officers will then manually review your bank statements and verify the information with your bank.
Because of this alternative income-verification method, bank statement mortgages have become a popular option for self-employed individuals whose W2s and tax returns would not accurately reflect their full income.