Can I Refinance With A Bank Statement Loan?

Yes, it may be possible to refinance with a bank statement loan program, depending on the specific requirements of the program and your financial situation.

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A bank statement loan program is a type of mortgage loan that allows borrowers to use their bank statements as proof of income instead of traditional income documents like tax returns and W-2s. This type of loan program is typically used by self-employed individuals or those with non-traditional income sources who may have difficulty qualifying for a traditional mortgage.

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To determine if you can refinance with a bank statement loan program, you will need to research lenders who offer this type of loan and review their eligibility requirements. Some lenders may require a minimum credit score, a certain amount of cash reserves, or a specific debt-to-income ratio.

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Once you find a lender and loan program that meets your needs, you will need to provide your bank statements for the past 12-24 months, depending on the lender's requirements. The lender will review your bank statements to determine your average monthly income and expenses and use this information to calculate your debt-to-income ratio and assess your ability to repay the loan.

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It's important to note that bank statement loan programs may have higher interest rates and fees than traditional mortgage loans, so it's important to carefully review the terms with a trusted lender like NW Alternative Mortgage before deciding if it's the right option for you.