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Bank Statement LoansBank Statement Loans in Indiana
A bank statement loan qualifies a self employed or 1099 borrower on deposits instead of tax returns. Dillon Baker at Rate writes these for buyers and homeowners across Indiana.
Bank Statement Loans in Plain English
Self employed and 1099 borrowers are often told no for the wrong reason: a good accountant made the tax return look small. A bank statement loan reads deposits into your accounts instead. Dillon Baker at Rate routes these files through EDGE Non-QM, EDGE Expanded and Onslow Bay Bank Statement programs for buyers across Indiana, from his office at 252 W Main St in Carmel.
The mismatch is structural. A W-2 employee shows one clean income line, while a contractor in Indianapolis writes off mileage, equipment and a home office, all of it legitimate, all of it lowering the number an underwriter reads on a standard file. A bank statement program looks at what actually arrived in your accounts over a recent period, applies an expense factor, and qualifies you on that. Dillon will confirm the current requirement for the program he places you in.
This is still a residential mortgage on a home you'll live in or hold as a rental. Dillon doesn't do commercial lending, industrial property, business lines of credit or unsecured personal loans. A bank statement loan is simply a different way to document a person who happens to own the business, which is why he keeps it on the same track as any other purchase in Carmel or Fishers.
Who it fits and what you will need
Dillon places these through EDGE Non-QM, EDGE Expanded and Onslow Bay Bank Statement programs, so there's more than one set of rules available when a file doesn't fit the first one. He is a guide, not just a rate quote, and on a non-QM file that matters more than anywhere else, because the difference between one program and another can decide whether the file closes at all.
Expect a document set built around your accounts: personal or business bank statements over a recent period, a letter from your accountant or a profit and loss statement, and proof the business exists and is active. Dillon reviews the statements before anything is submitted so large one time deposits get explained up front. He won't send a file into underwriting and hope, and he answers evenings and weekends when a deal in Westfield needs a decision.
Self employed buyers work with Dillon in Carmel, Zionsville and Indianapolis, and he lends statewide across Indiana.
How a Bank Statement Loan Goes
Text Dillon at 317-847-6869 and tell him how you get paid. If a bank statement program fits, you can have a same day pre-approval without digging out a single tax return.
Start it now. Text 317-847-6869 or call 317-847-6869. Dillon reads it himself, evenings and weekends too.
Hey Dillon, I am looking at bank statement loans. Where do I start?
Text 317-847-6869 with what you do, how long you've done it, and how income lands in your accounts.
I go through a recent stretch of deposits with you and tell you what an underwriter will and won't count.
I place the file with EDGE Non-QM, EDGE Expanded or Onslow Bay, whichever set of rules your income actually fits.
You get a same day pre-approval once I've the statements, and I flag underwriting issues early instead of the day before closing.
Bank Statement Loan Questions
Not here? Text it to 317-847-6869 and Dillon answers himself.
Do you need my tax returns?
Usually not, and that's the point of the program. A bank statement loan reads deposits into your personal or business accounts over a recent period instead of the bottom line on a return. Some programs still ask for a letter from your accountant or a profit and loss statement. Dillon will confirm the current requirement for the program he places you in before you gather anything.
How long do I need to have been self employed?
Most bank statement programs want to see the business running for a meaningful stretch before they will read the deposits, and the exact window differs across EDGE Non-QM, EDGE Expanded and Onslow Bay. Dillon checks that first, because it's the question that decides whether the file is worth building today or worth revisiting in a few months.
Can I buy an investment property this way?
Yes, for one to four unit residential property in Indiana held in your own name. Dillon also writes DSCR files where the rent on the property carries the loan. What he doesn't touch is commercial, industrial or business lending of any kind, so a mixed use building on a main street isn't something he can help with.
Is this loan slower than a normal mortgage?
It has more moving parts, since a human reads your statements rather than a system reading a W-2. Dillon offsets that by reviewing everything before submission and explaining large deposits up front. His past files have cleared to close in about 12 days, and he personally handles every lead himself, so nothing waits in a queue for someone else to open it.
Ask About a Bank Statement Loan in Indiana
Text Dillon at 317-847-6869 and tell him how you get paid. If a bank statement program fits, you can have a same day pre-approval without digging out a single tax return.
Self employed buyers work with Dillon in Carmel, Zionsville and Indianapolis, and he lends statewide across Indiana.
Text 317-847-6869 or call, if you would rather skip the form.
