Non-QM Bank Statement Loan Calculator
Self-employed borrowers without W-2 income qualify for mortgages using 12-24 months of bank statement deposits instead of tax returns. Non-QM loans charge a rate premium of 1-3% above conventional.
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| Down payment | — |
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| Monthly principal & interest (30y) | — |
| Implied housing-only DTI | — |
Bank statement mortgages (a form of non-QM loan) let self-employed borrowers qualify based on 12 or 24 months of bank statement deposits instead of tax returns. The lender averages deposits, applies a business expense haircut (typically 50%, sometimes lower with CPA verification), and uses the result as qualifying income. Rates run 1.5-3.0% above conventional, down payments are usually 15-25%, and reserves of 6-12 months are required.
Who Bank Statement Loans Help
Bank statement loans target self-employed borrowers whose tax returns understate true income — common for business owners aggressively deducting expenses to minimize taxes. A consultant earning $300K gross but reporting $80K taxable income on Schedule C cannot qualify for a $500K conventional mortgage (which requires $200K+ qualifying income), but qualifies easily on bank statement loans where deposits show the true $300K cash flow. Other use cases: gig workers with 1099 income, real estate investors, restaurant owners, dentists, and consultants.
Expense Ratio — The Key Variable
Lenders apply a haircut to deposits to arrive at qualifying income. The default is 50% (assumes business expenses consume half of deposits), but many lenders accept a CPA-prepared P&L showing a lower expense ratio. Service businesses (consultants, lawyers, doctors) typically get 30-40% haircut. Inventory-heavy retail businesses face 60-70% haircut. The haircut directly determines your buying power: $20K/mo deposits at 30% haircut = $14K qualifying income (supports ~$700K loan); same deposits at 60% haircut = $8K qualifying income (supports ~$400K loan).
Cost Premium and Refinance Path
Non-QM bank statement loan rates run 1.5-3.0% above conventional. A $500K loan at 9.0% vs 6.5% conventional costs ~$840/mo more in interest. The standard exit strategy: build 2 years of strong tax returns showing improved net income, then refinance into a conventional Fannie Mae or Freddie Mac loan in years 3-5. Lenders looking for bank-statement loans: Angel Oak, Newrez Smart Self-Employed, Carrington Mortgage Services, and Acra Lending. Verify with our refinance savings calculator when you exit.
Last updated May 2026. Sources: CFPB Ask CFPB.