A bank statement loan lets freelance and self-employed Burbank buyers qualify using 12–24 months of deposits instead of tax returns — averaging project income into a steady figure. Typical: 620–640+ credit, 10–20% down, income = averaged deposits × an expense factor (~50%). Full program details.
How a bank statement loan works
Instead of tax returns, the lender reviews 12 to 24 months of your personal or business bank statements, averages the deposits, and applies an expense factor (often ~50%) to estimate qualifying income. No W-2s, no pay stubs, no tax returns — built for independent earners whose income doesn't arrive on a tidy biweekly schedule.
Why it fits Burbank's industry income
Typical terms (2026)
| Feature | Typical |
|---|---|
| Docs | 12–24 months bank statements — no tax returns |
| Credit score | ~620–640+ |
| Down payment | ~10–20% |
| Income calc | Avg deposits × expense factor (~50%) |
| Also available | 1099 & P&L / loan-out options |
| Rate | ~0.75–2% over conventional |
Terms vary by lender, work type & profile; illustrative for 2026, not an offer.
Bank statement loan FAQs
What is it?
A non-QM loan qualifying on 12–24 months of deposits, not tax returns.
Helps uneven income?
Yes — averages project peaks and valleys into a steady figure.
1099 or loan-out?
Yes — 1099 and P&L options for contractors and corporations.
How's income figured?
Averaged deposits × ~50% expense factor (varies by work).
Higher rates?
Usually ~0.75–2% over conventional; many refinance later. Illustrative.
Save Financial is a California-licensed mortgage brokerage (NMLS #377740, DRE #01875766), serving Burbank from its Marina del Rey office. Nothing here is tax advice.