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Can bank statements and credit cards statements be proof of income?

by grant.r77425 from Saxapahaw, North Carolina. Nov 12th 2015 Reply


Lee Church (lchurch@acopiahomeloans.com)
#81 ranked lender in North Carolina - 1 contribution

I'm not aware of any mortgage loan programs that allow those items as proof of income. However, we do have a program that will allow us to work with self-employed borrowers who have only been self employed for one year. If that would be something you are interested in, please feel free to contact me.Lee (704) 627-2006

Nov 12th 2015
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Susan Ledingham (perfection)
#894 ranked lender in California - 7 contributions

No! Especially not credit card statements. Credit cards are debt. If your retired or a investor, that buys and sells stocks for a living, lenders will use your bank statements as proof of income if that is where your income is going... but also you would have to provide tax returns. You should really go and talk to a mortgage loan consultant in your area. There are different products out there. Depends on your own unique situation.

Nov 12th 2015
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William J Acres (William_Acres)
#1 ranked lender in Arizona - 8,055 contributions

No.. All conforming (FHA, VA, USDA, Conventional) programs require that you provide tax returns, w2's and/or 1099's, and pay stubs to verify your income.. they are also required to validate your tax returns by having you sign and filing the IRS tax form 4506-T which allows your lender to get a copy of your tax transcripts so they can compare them to the tax return you provided to be sure they match.. There are Non-conforming loan products (hard money, portfolio) that allow you to provide 12-24 months bank statements to verify your income.. but these loan products will typically have higher interest rates, higher costs and fees and lager down payment requirements (lower loan to values) making this a last resort type of financing.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com NMLS# 226347

Nov 12th 2015
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