We were moving 1800 miles across country and worked with Chad Pounders at Lit Financial to broker our mortgage. As difficult as remote home buying can be, the financing was the least stressful by a wide margin and I credit that to Chad and his team at Lit. Communication was always quick and Chad showed a ton of patience as we worked through inventory with our realtor. Chad is knowledgeable and was open and honest about our options as we moved through the process. I highly recommend reaching out to Chad and his team at Lit if you are in… Read more →
Bank statement loans. Use your stellar financial record as an asset.
LitFinancial believes good banking behavior deserves a reward.
Best for self-employed buyers or those with non-traditional income looking for bank-backing.
No SSN required. Zero impact to credit.
Your information is never sold.
★★★★★Rated 4.9/5 stars
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No Social Security number needed.
No effect on your credit score.
Your details are never shared or sold.
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What is a bank statement loan?
Bank statement loans examine a borrower’s income history, as verified by their bank, as well as their credit score and history to assess the amount a bank is willing to loan a borrower. This type of loan typically requires additional insurance and a higher down payment.
Is this loan right for me?
If you’re a freelancer, or self-employed person who operates on more 1099 income than W2s, odds are this loan would be right for you. Bank statement loans essentially confirm your income, and then leverage a loan against your income.
How can LitFinancial help?
You work hard for your money. Let LitFinancial help your money work for you. Our team of experts will examine every minute detail of your loan deal to make sure you have the rates and terms that are the best for you.
Frequently Asked Questions
Let's help make things clearer.
It’s a mortgage for self-employed borrowers where you qualify using your bank deposits, not tax returns.
Lenders add up your monthly deposits and use that income to see what you qualify for. No W-2s or tax returns needed.
Self-employed people like business owners, freelancers, contractors, gig workers, and independent professionals.
Most programs use 12 or 24 months of personal or business bank statements.
Yes. Lenders apply an expense factor to estimate income based on the type of business.
Most lenders look for 620–680+, depending on your down payment and financial history.
Typically 10%–20% down, but some lenders offer lower options with strong credit.
Yes, they’re usually a bit higher because they involve more risk and flexible documentation.
No. Tax returns are usually not required—that’s the main benefit of this program.
Primary homes, second homes, and investment properties depending on the program.
Often no, especially with a larger down payment.
Your income is based on your deposits, not what's on your tax return. The stronger your deposits, the more you qualify for.
Yes. You can do both rate-and-term and cash-out refinances.
Many programs require 3–12 months of reserves depending on loan size and credit.
Yes—you can qualify using deposits from multiple bank accounts if they’re documented properly.
Yes. Bank statement loans are great for people with uneven or seasonal income.
Some programs include them, especially on investment properties. It varies by lender.
The deposits must be business-related. Lenders may ask for explanations on large or unusual deposits.
Yes. That’s why bank statement loans exist—they focus on gross deposits, not taxable income.
It’s a great option if you're self-employed and want to qualify based on real income coming into your bank account rather than your tax returns.
Get started with our quote tools.
Whether you’re estimating your mortgage costs, seeking to simplify and save through debt consolidation, or aiming to explore and compare various loan options tailored to your needs, our intuitive tools are here to guide you every step of the way.
No SSN required. Zero impact to credit. Your information is never sold.
Why choose LitFinancial?
Experience Matters
When it comes to loan officers, we are experienced experts and take pride in leveraging our knowledge to help you every step of the way.
We Are Your Advocate
Our loan officers are advocates through -out your lending journey. From finding the right mortgage plan, to proactively engaging with key stakeholders on your behalf.
Relentlessly Seeking Solutions
We are committed and passionate about helping borrowers find their best financial fit. We tap our trusted network to look at any and all options.
Lit For Life
Our approach to advising is finding the best solution for each client’s life. We will also be there as your needs change through different life stages.
Advising You Like You’re Family
We are a mortgage partner that takes the time to listen to your needs and goals. We care about each client that tailor our advice for your best outcome.
Leading the Industry
We are constantly modernizing lending models, streamlining treasury operations, and increasing transparency across mortgages. This allows us to bring innovative products and better service to you.
Chris Solinski, Executive Loan Officer
“Nothing is impossible. The word itself says ‘I'm possible!’”
People like LitFinancial
When you love what you do, it shows.
Brandon was incredible to work with throughout my refinance process. He was knowledgable, responsive, and truly went above and beyond to make sure I understood every step. Most importantly, he saved me a significant amount of money. His friendly approachable attitude made what could be a stressful process feel smooth and manageable. Billy, his supervisor was also extremely helpful and supportive. I'm so grateful for their hard word and would highly recommend them to anyone looking to refinance! Read more →
We had an excellent experience working with Chris Solinkski and his team at Lit Financial. He was knowledgeable, professional, and incredibly responsive throughout the entire loan process. His communication was clear, and he kept us updated every step of the way. We truly appreciated how quickly he handled things while still taking the time to answer our questions. We highly recommend Lit Financial and Chris to anyone looking for a seamless lending experience! Read more →
The first call with Keefer was awesome and i immediately felt hopeful that i would get the house of my dreams. Keefer was professional, friendly and very supportive throughout the process. Tiffany and Rima came on board and did a fantastic job together with Keefer. Working with this team has been a great experience that i will never forget about. Keefer held my hand, always giving me updates and encouraged me to keep going and not lose hope, he guided me throughout the process . Rima, Tiffany and Keefer worked so hard for me to get the loan, I’m so… Read more →
We did a refinance on our home, and James Abdallah was very professional, assisting us every step of the way with any information we needed and answering any questions that we had. The entire process was very fast and we felt very comfortable with how knowledgeable he was. He was easy to contact and available at all times for us. We ended up getting the deal that we wanted with a quick turnaround time. A special thanks to Lex and Sue as well for their help as part of the team! I highly recommend working with the Lit Financial team… Read more →