What Is a 24-Month Bank Statement Loan?
A 24-month bank statement loan qualifies you based on 24 months of personal or business bank deposits instead of tax returns, W-2s, or pay stubs. The lender analyzes your deposits to determine qualifying income, typically using 50-100% of deposits depending on business type. This is a non-QM (non-qualified mortgage) product.
This program exists because self-employed borrowers often write off substantial expenses, making their tax returns show far less income than they actually earn. Bank statement loans use real cash flow instead of tax return income.
12 vs. 24 months: Some lenders offer 12-month bank statement programs (see our bank statement page). The 24-month version typically offers better rates and higher approval odds because the lender has more data.
Who 24-Month Bank Statement Loans Are For
- Self-employed borrowers with 2+ years in business
- Business owners whose tax returns understate real income
- 1099 contractors and freelancers with consistent deposits
- Primary residence, second home, or investment property purchases
Key Features
Personal or business bank statements accepted. Most lenders require 2 years of self-employment. Credit scores from 620-680 minimum. Down payments from 10-20%. Loan amounts up to $3M+. Available as 30-year fixed, ARMs, and interest-only. No tax returns, no W-2s, no employer verification.