Need A Bank Statement Loan?
Are you looking to purchase a new home or refinance your current one, but facing challenges proving your income?
Prime Choice Funding offers a bank statement loan, ideal for self-employed individuals unable to prove their income for home purchase or refinancing. Our program uses bank statements as proof of income, bypassing the need for conventional loan qualifications. We also provide a No Income Verification loan option. Let us help you find the right solution for your home financing needs.
Bank statement loans are popular with the following types of borrowers:
- Business owners
- Freelance employees
- Consultants
- Contract workers
- Independent contractors
- Sole proprietors
- Gig economy workers
- Realtors
- Entrepreneurs
- Retirees
HOW IT WORKS
Contact or Get Started Online
Our team of licensed loan officers is prepared to assist you with any inquiries you may have. Applying over the phone can be completed in as little as 10 minutes.
Secure Your Approval
Once you submit your loan application, our team will thoroughly review it, conduct a property appraisal, and complete the underwriting process to ensure your approval.
Secure Your Funds
Once all requirements have been met and we receive clearance to proceed, we will prepare the necessary loan documents. You will then sign the loan documents, and upon completion, your loan will be funded.
Why Prime Choice?
At Prime Choice Funding, our focus is on meeting the unique requirements and preferences of our customers when it comes to finding the perfect loan option. With a team of highly experienced Loan Officers and dedicated Operations professionals, we are committed to assisting homeowners in realizing their financing goals. Our mission is to deliver exceptional service and empower homeowners to achieve their financial aspirations. As specialists in serving self-employed home buyers and borrowers, we take pride in offering tailored solutions. If you face challenges providing income proof or have an abundance of tax deductions like many other business owners, we are here to provide the assistance you need.
What Our Clients Are Saying
Communication and transparency are cornerstones of how we get home loans done for you, our client. People turn to Prime Choice for a quick, hassle-free mortgage experience.
Frequently Asked Questions
What is a Bank Statement Loan?Who benefits from bank statement loans?Is My Credit Score a Factor in Getting Approved?What Kind of Loan Terms Do You Offer?How Do I Get Qualified?What Type of Properties Can I Finance?
The Bank Statement loan caters to self-employed individuals who face challenges in proving their income. Often, these borrowers have substantial tax deductions and write off various expenses, resulting in a lower net income on paper, rendering them ineligible for conventional loan programs. At Prime Choice Funding, we offer an alternative option where income verification is not required. Instead, we assess eligibility based on bank statement deposits. This program utilizes bank statements to determine qualification, as long as homeowners or buyers can demonstrate sufficient funds in their bank accounts to maintain timely payments.
- Business owners
- Freelance employees
- Consultants
- Contract workers
- Independent contractors
- Sole proprietors
- Gig economy workers
- Realtors
- Entrepreneurs
- Retirees
In Bank Statement loans, we do consider your credit score. These programs are more flexible than traditional loans, allowing for a FICO score as low as 640. Additionally, Bank Statement loans are accommodating when it comes to past short sales, foreclosures, or derogatory credit. If your financial situation makes sense today, we can provide the funding you need for a bank statement purchase loan or a refinance loan.
Bank Statement loans offer a range of flexible loan terms to suit your needs. This versatile program ensures you obtain the desired payment structure. It includes a 5-year and a 7-year Adjustable Rate Mortgage, providing attractive interest rates. If you prefer a longer term, we also offer a 30-year and 40-year Fixed Rate option. Additionally, for those who prefer interest-only payments, we accommodate that as well, allowing you to keep your monthly payments as low as possible.
The process is straightforward. When clients reach out to us, they often have doubts about the program and their eligibility. At Prime Choice Funding, we have partnered with multiple lenders to provide these programs, and over time, we have successfully assisted numerous self-employed business owners in purchasing or refinancing their homes. The first step is to contact us, where a knowledgeable professional will provide a comprehensive consultation and explain the intricacies of our programs. With various program options available, it’s essential to speak with us to receive tailored guidance and ensure you’re headed in the right direction.
Eligibility for loan programs depends on the specific type you qualify for. In the case of a Bank Statement loan program, we can extend this loan option exclusively for owner-occupied or second home properties. Our lending capabilities encompass single-family residences, condominiums, as well as 1-4 unit properties.
$1,000 Loan Offer Guarantee
We will match or beat any mortgage offer — or pay you $1,000. Terms apply. See full details at primechoicefunding.com/offer-guarantee.
$20 Savings Plan Incentive
To qualify, participants must complete the form and upload a valid mortgage statement. Limit one incentive per household. Incentive will be mailed within 30 days of eligibility verification. Offer void where prohibited. Prime Choice Funding, Inc. (NMLS #117375) reserves the right to modify or cancel this offer at any time. Participation does not obligate you to refinance or apply for a loan. Savings analysis results may vary.
Privacy & Communication Consent
By submitting, you authorize Prime Choice Funding to contact you by phone call, text message, email, and/or automated systems, including artificial or prerecorded voice. Consent is not required to apply. Message and data rates may apply. Questions? Contact us at info@primechoicefunding.com.
Licensing & Legal Disclosure
Prime Choice Funding, Inc. (NMLS #117375) is a licensed mortgage lender and broker. We are not affiliated with, endorsed by, or acting on behalf of any government agency. This is not a commitment to lend. All loan approvals are subject to creditworthiness, underwriting guidelines, satisfactory title, and appraisal. Final loan decisions are subject to lender approval and may require additional documentation during underwriting. Not all applicants will qualify. For licensing information, visit www.nmlsconsumeraccess.org.
AL Lic#22408 | AZ Lic#0940991 | AR Lic#117267 | CA DFPI Lic#603F471 | CA DRE Lic#01806911 | CO Lic#117375 | DC Lic#MLB117375 | DE Lic#025874 | FL Lic#MLD1505 | GA Lic#48008 | ID Lic#MBL-9234 | IN Lic#38334 | KY Lic#MC410331 | LA Lic#117375 | MA Lic#MC117375 | MD Lic#21456 | MI Lic#FL0020964 | NC Lic#B-230942 | NH Lic#21548-MB | NJ Lic#NJ-C-01020 | NM Lic#117375 | NV Lic#5024 | OH Lic#RM.804338.000 | OR Lic#ML-4926 | PA Lic#105337 | SC Lic#DCA-117375 | TN Lic#135287 | TX SML NMLS#117375 | VA Lic#MC-5862.
Texas Residents
If the new loan is subject to Section 50(a)(6) and the new loan to value exceeds 80%, you will not be eligible for this refinance. Additional restrictions may apply.
Figure: 7 TAC §80.200(b)
CONSUMERS WISHING TO FILE A COMPLAINT AGAINST A COMPANY OR RESIDENTIAL MORTGAGE LOAN ORIGINATOR SHOULD COMPLETE AND SEND A COMPLAINT FORM TO THE TEXAS DEPARTMENT OF SAVINGS AND MORTGAGE LENDING, 2601 NORTH LAMAR, SUITE 201, AUSTIN TEXAS 78705. COMPLAINT FORMS AND INSTRUCTIONS MAY BE OBTAINED FROM THE DEPARTMENT’S WEBSITE AT WWW.SML.TEXAS.GOV. A TOLL-FREE CONSUMER HOTLINE IS AVAILABLE AT 1-877-276-5550.
THE DEPARTMENT MAINTAINS A RECOVERY FUND TO MAKE PAYMENTS OF CERTAIN ACTUAL OUT OF POCKET DAMAGES SUSTAINED BY BORROWERS CAUSED BY ACTS OF LICENSED RESIDENTIAL MORTGAGE ORIGINATORS. A WRITTEN APPLICATION FOR REIMBURSEMENT FROM THE RECOVERY FUND MUST BE FILED WITH AND INVESTIGATED BY THE DEPARTMENT PRIOR TO THE PAYMENT OF A CLAIM. FOR MORE INFORMATION ABOUT THE RECOVERY FUND, PLEASE CONSULT THE DEPARTMENT’S WEBSITE AT WWW.SML.TEXAS.GOV.
Contact Us
Questions? Contact us at info@primechoicefunding.com or call 877-787-7463.
Prime Choice Funding, Inc. | 17852 E 17th St, Suite 107, Tustin, CA 92780 | NMLS ID: 117375 | Equal Housing Opportunity.
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