My Perfect Mortgage
One-Month Bank Statement Loans Financing Your Home
5 minute read
February 28, 2023

Bank statement loans are one of the most popular and useful mortgages for self-employed people and real estate investors

They allow you to qualify for a mortgage without submitting complex tax returns that may show little or no income anyway.

But what are one month bank statement loans?

Normally, most lenders will require between 12 to 24 months of bank statements showing deposits for your business to qualify you for a bank statement loan.

One month bank statement loans let you qualify showing just -- you guessed it -- one month of bank statements.

  • available in AL, CA, CO, CT, FL, GA, IL, MA, MD, MI, MN, NC, NJ, NY, OH, PA, SC, TX, VA, WA
  • Simple application
  • Quick decisions
  • Common sense underwriting
  • Fast closing period
  • Lend in all 50 states
  • Veteran lending specialist available to you, no matter where you are
  • In-house processing and underwriting
  • Express Loan Approval program, which allows you to be done with the whole process (minus the contract and appraisal), so you can focus on finding your home.
  • Rate Protect (Lock & Shop) lock in your rate before you even find a home!

Who are one month bank statement loans good for?

Some businesses have unique pay schedules. Some months may show little to no profit, and others show significant funds being deposited.

Furthermore, if your accounting practices include many deductions for business expenses to reduce your taxable income, it can further complicate your financial snapshot.

In cases like this, a borrower’s lean months may prevent lenders from seeing the true income potential of your business.

A few lenders have realized this shortcoming and created bank statement loans that verify income based on a much shorter earning period.

One month bank statement loans

Why are one-month bank statement loans hard to find?

Reforms since the housing downturn of the late 2000s ensured lenders must base their approval of someone’s loan application on verifiable income—typically, this means 12 to 24 months of statements.

But basing the approval of a mortgage on 1 to 3 months of information increases the risk that a lender can be held liable for defaults.

This risk is why one-month bank statement loans are harder to find than 12 and 24 month programs.

Still, some lenders are willing to consider a very short snapshot of the business to prove income.

Related: 3 Month Bank Statement Loans

Where to find one month bank statement loans

To help you out, here are some lenders who have created special opportunities for their customers to get a mortgage based on one-month bank statements.

The My Perfect Mortgage lender network

It can be difficult finding a lender that can accommodate your scenario. And when you do, how do you know they are the best option?

We maintain a network of bank statement loan lenders and match you to the perfect one based on your criteria. Just answer a few questions and you’re on your way.

Submit your scenario to be matched with a lender.

ALT Financial Network Ltd.

ALT Financial Network Ltd. has offered professional mortgage services for over 30 years in Orange County, CA.

They proudly advertise their proven track record of success by providing personalized mortgage services to their clients. They also boast how they have adjusted to the many changes the real estate and mortgage industry has gone through over the last few years.

Some specifics available on their website include the following:

  • Fast pre-approvals are possible.
  • No tax returns or W2s are necessary.
  • No prepayment penalties (Note: this could be especially beneficial to borrowers expecting a larger influx of funds soon.)
  • No pay stubs are necessary.
  • Property must be single-family residences, condos, townhouses, or multi-family dwellings of 2-4 units maximum.
  • All properties, however, must be owner-occupied.

JZ Mortgage Services Inc.

JZ Mortgage Services Inc. was founded in 2015 to provide “outstanding” loan consulting services and the best programs and rates available.

They specialize in bank statement loans for self-employed borrowers throughout Bradenton, FL, area—including their One Month Bank Statement Loan program.

Program details include:

  • 75% LTV Minimum Credit Score of 650.
  • No credit events within the last five years, including no charge-offs, collections, or any tax liens in the last three years.
  • Loan amounts of $150,000 to $5,000,000.
  • Owner-occupied transactions only.

Check with this lender for more details and requirements, or let us connect you with a reputable bank statement lender.

Amongst their many mortgage programs, offers a one-month bank statement program. Acceptance is weighed mostly on credit history, a 50% Debt-to-Income (DTI) Ratio. Cash reserves aren’t required.

Verification of employment (VOE) over a two-year period is crucial. Eligible property types are attached or detached single-family residences.

Qualifying criteria include:

  • The account must end with a positive balance, including no NSFs
  • Jumbo loan amounts available up to $4 million
  • Owner-occupied properties only
  • Credit scores minimums start at 620 (LTV of 70% for purchases and 65% for cash-out to a maximum of $500,000)
  • An LTV of 85% (purchase) or 80% (cash out) have a credit score minimum of 720 ($4 million maximum)

Learn more about self-employed homebuying programs.

Additional possible requirements for a one-month bank statement loan

In addition to bank statements, certain lenders might ask for:

  • A CPA-prepared P&L for two years
  • Larger down payment
  • Prepayment penalties

One-month bank statement loans—the bottom line

One-month bank statement loans are significantly harder to find due to their inherent risk to the lender.

But, as you can see, there are ways you can achieve your homebuying goals with only one month’s worth of bank statements.

If you are self-employed with an income that arrives in sporadic periods, then a one-month bank statement loan could be your best option for home buying.

This loan allows you to utilize your income to its full potential—before deductions—and give your lender a better picture of your ability to make monthly payments.

See if you qualify for the one-month bank statement loan program.

Get started with My Perfect Mortgage to see if you qualify for a bank statement loan.

Our advise is based on experience in the mortgage industry and we are dedicated to helping you achieve your goal of owning a home. We may receive compensation from partner banks when you view mortgage rates listed on our website.