Educational guide · Non-QM Program
What are bank statement loans?
Own your own business? Do your tax returns fail to reflect your real income after deductions? Bank statement loans use your deposits — not your taxes — to calculate qualifying income.
Educational information only. Icon Mortgage is not yet licensed in California. No loan products are being offered.
How it works
Instead of tax returns, the lender reviews 12 or 24 months of personal or business bank statements. They total deposits, apply an industry-appropriate expense factor, and calculate qualifying income. Often a fit for legitimate business owners whose tax returns show heavy deductions.
Who it fits
- Restaurant, shop, and food-truck owners
- General and sub-contractors
- Stylists, barbers, salon owners
- Doctors, dentists, professionals with their own practice
- Commission-based sales
- Self-employed 2+ years
General characteristics
- Typically 2+ years operating the business.
- Down payment tends to be higher than a conventional loan.
- No tax returns or W-2 required.
Specific characteristics vary by lender. Informational only; not an offer.