Part of the process of applying for a mortgage is to document your income. Traditionally, you would do this using a W-2. But what happens if you do not have one?
This situation has become increasingly common, which is why there is now a simple solution. You can apply for a bank statement loan.
What is a Bank Statement Loan?
A bank statement loan is one that does not require a W-2 to verify your income. Instead, you document your income by providing bank statements.
Do You Need a Bank Statement Loan?
If you have a W-2, you might be able to apply for a loan using the traditional process. But if you do not, the bank statement process is right for you, regardless of which of the following describe you:
- Self-employed individual
- Business owner
- Freelancer
- Entrepreneur
- Investor
Benefits of AZ Bank Statement Loans
Here are the requirements you need to meet for an FHA loan:
- When you apply for a bank statement loan, you can take advantage of a fast and flexible mortgage process. In fact, some people choose bank statement loans not just for an alternative means of documenting income, but also to streamline the process and close quickly.
- The paperwork involved in a bank statement loan is less intensive than that involved in the traditional lending process. That makes the entire process easier.
- Misty Garrison has worked with many borrowers who were not traditionally employed and who did not have W-2 forms when they applied for mortgages. She was able to process their applications successfully, and can do the same for you. She knows exactly what to expect, and will move you smoothly forward toward your goals, expertly navigating around the potential obstacles that would trip up big box lenders.
Apply for a Bank Statement Loan in Tempe or Beyond
The mortgage process should not be a challenge just because you do not have a W-2. You deserve the same ease and speed as anyone else when you are shopping for a home or real estate investment. To buy a home now with a bank statement loan, please call (480) 618-5358 to schedule your consultation.
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