Are you self-employed or an independent contractor looking to buy a home in New Jersey? Traditional mortgage approval can be challenging, especially if your income doesn’t fit the standard verification methods. At Cornerstone Mortgage, we offer a flexible alternative: bank statement loans. These bank statement mortgage programs allow you to qualify for a home loan without the need for tax returns, making it easier for those with non-traditional income streams to secure financing.
A bank statement mortgage is a specialized loan program designed for self-employed individuals, freelancers, and small business owners who may not have the traditional income documentation required for conventional loans. Instead of using tax returns or W-2s, these bank statement loans allow you to qualify for a mortgage based on the deposits made into your bank accounts over the past 12 or 24 months.
Whether you run your own business, work as a contractor, or earn income from multiple sources, bank statement home loans provide a flexible alternative to traditional loan programs, focusing on your actual cash flow rather than outdated income documentation.
At Cornerstone Mortgage, we specialize in working with self-employed and independent individuals. Our team has extensive experience helping business owners and freelancers secure bank statement home loans through alternative documentation methods.
With our bank statement mortgage program, we assess your deposits, giving you a fair chance to qualify based on real income, not tax returns.
We work with a wide range of lenders to secure the most competitive rates for bank statement loans, ensuring that you receive an affordable mortgage solution tailored to your needs.
As a New Jersey-based mortgage broker, we understand the unique financial challenges of self-employed individuals in the area and work to simplify the home buying process for you.
Bank statement loans allow you to qualify for a mortgage without the hassle of providing personal or business tax returns.
If your income is derived from freelance work, contract jobs, or business ownership, bank statement home loans provide a customized solution to fit your needs.
Choose from fixed or adjustable interest rates, depending on what best suits your financial goals.
These bank statement mortgage programs often allow for larger loan amounts compared to traditional loans, making them ideal for higher-value homes in New Jersey.
To qualify for a bank statement mortgage, you’ll need to provide 12 or 24 months of bank statements that demonstrate consistent deposits. Other qualification factors include:
A minimum credit score of 620 or higher.
A larger down payment, typically 10-20%.
Proof of self-employment or business ownership
A reasonable debt-to-income ratio
Our team will guide you through the process and ensure you meet the requirements to qualify for a bank statement loan that fits your financial situation.
Are you ready to purchase a home in New Jersey using our bank statement mortgage program? Whether you’re a self-employed individual or someone with non-traditional income, Cornerstone Mortgage can help. We specialize in bank statement home loans for clients across Warren, Bernardsville, Madison, Mendham, Morristown, Basking Ridge, Bernards, Chester, Peapack-Gladstone, Bedminster, and beyond.
Contact us today to explore how our bank statement loans can help you secure the financing you need for your dream home.
Bank statement loans are specialized mortgage programs that allow self-employed or non-traditional income earners to qualify for a mortgage by using bank statements instead of tax returns or W-2s.
To qualify, you’ll typically need to provide 12 or 24 months of bank statements showing consistent income deposits. Other factors like credit score, down payment, and debt-to-income ratio will also be considered.
Yes, bank statement home loans can often provide larger loan amounts than traditional mortgage programs, making them ideal for higher-value homes in New Jersey.
Yes, bank statement mortgages are available with both fixed and adjustable interest rates, giving you flexibility in choosing the loan structure that fits your financial needs.
Bank statement loans are ideal for self-employed individuals, freelancers, business owners, or anyone with non-traditional income sources who may have difficulty qualifying for a conventional loan.
