Rhode Island runs on small business — the contractors, restaurateurs, shop owners and solo professionals who keep South County and Providence humming. If that's you, you already know the frustration: your accountant works hard to minimize your taxable income, and then a conventional lender looks at those same returns and says you don't earn enough to buy a home. A bank statement loan fixes that mismatch.
Qualify on deposits, not deductions
Instead of tax returns, a bank statement loan qualifies you on the money actually moving through your accounts — typically 12 to 24 months of personal or business bank statements. The lender averages your qualifying deposits to arrive at a monthly income figure, often applying an expense factor for business accounts.
Want a rough sense of where you'd land? Our bank statement income estimator lets you plug in your average monthly deposits and see an estimate in seconds.
Who it's built for
- Business owners whose returns are full of legitimate write-offs.
- 1099 and gig earners whose income is real but lumpy — see also 1099 income loans.
- Commission-based professionals — agents, sales reps and consultants.
What you'll typically need
Most programs look for a two-year self-employment history and 12 or 24 months of statements; some accept a profit-and-loss statement in place of one. No tax returns are required on qualifying programs. Because we're a brokerage, we compare lenders' bank-statement guidelines to find the one that reads your income most favorably.
Ready to see what your statements support? Contact us or call (401) 481-8050 — a licensed loan officer in Wakefield, not a call center.
Have questions about how this affects your plans? Our team is happy to talk through your scenario — call (401) 481-8050 or get in touch.