Bank Statement Program

From Gulf Coast Bank & Trust Company With Locations Across Metro New Orleans & Baton Rouge

Gulf Coast Bank & Trust offers competitive bank statement programs for self-employed individuals to help make it easier to get a home loan. Contact our lenders to learn more about our bank statement program.

Gulf Coast’s Bank Statement Program

Being self-employed has its perks. But when it comes to looking for a mortgage, it can be difficult for the self-employed, from business owners to freelancers to contract workers. Gulf Coast Bank Home Loans has a solution to keep the transaction smooth: our bank statement program.

Our Bank Statement Program allows self-employed borrowers to seek a home loan without having to produce the traditional income documentation including tax returns and pay stubs.

We use bank statements to analyze your income instead of standard documentation. To determine your net income, we will look at a borrower's bank statement over 12 to 24 months. 

What is a Bank Statement Program?

Put simply, a bank statement mortgage program permits you to confirm your income with your bank account statements instead of the traditional  documents.

Using personal or business  bank statements to apply for a mortgage instead of W2s might be a good idea if you don't have the usual tax documents. 

How Does A Bank Statement Loan Differ From a Traditional Mortgage Loan?

Traditional loans will generally require at least two years worth of tax returns, W-2s, and paycheck stubs to verify a borrower’s income.

Underwriters then use lending industry guidelines to calculate your qualifying income, which determines the amount of home loan you may qualify for.

How It Works

Our bank statement program offers:

  • Primary, second, and investment homes (You can choose Single Family, Planned Unit Developments (PUD), 2-4 Units, Townhouses, and Condos.) 
  • Loan amounts up to 3 million dollars 
  •  fixed rate term loan option 

What Is Needed for the Program

Self-employed borrowers may be able to use the below options to qualify:

  • 12 or 24 Business or Personal Bank Statements, or 
  • 1 or 2 years of 1099s 
  • 2-year history of self-employment required
    CPA letter and P&L are acceptable

Other Solutions for Self-Employed Borrowers

Our bank statement program is not our only mortgage option for the self–employed. Here are some of the other popular options for self-employed borrowers: 

Conventional Loans

For the self–employed with a good credit score and a down payment of at least 3%, conventional loans may be the best choice for you. This program uses tax returns to verify income instead of bank statements.

See More About Our Conventional Loans

FHA Loans

FHA mortgages were created and endorsed by the Federal Housing Administration and are often good choices for people who wish to keep their down payment to a minimum, first–time homebuyers, or individuals with credit challenges.

FHA loans require a two–year self–employment history, or one year of self-employment, and two years in a similar role with a comparable income.

Find Out More About FHA Loans

VA Loans

The Department of Veterans Affairs endorses VA mortgages, and they are designed for veterans, service members, and some surviving spouses.

Borrowers need two years of self–employment history, or  one year of self-employment history  plus two additional years in a similar role.

Learn More About VA Loans

The process is easier than you think! To get started, contact a lender, or visit a branch location near you.

***Normal credit qualifications and other terms and conditions apply. Subject to underwriting approval. Program, qualifications, terms & conditions are subject to change without notice. Please speak to a lender for complete details.***