Bank statement Non-QM fits self-employed borrowers whose deposits — not tax returns — tell the qualifying story. Here is who typically clears the bar, and what lenders review on Indiana files.
Bank statement programs are built for self-employed income — not W-2 employees with clean pay stubs who already qualify conventionally.
Ranges we see on Indiana self-employed files — your exact numbers depend on the matched program.
Statement history
12 or 24 months
Consecutive months from the same account series
Credit score
Mid-600s+
740+ typically unlocks sharper terms
Down payment
10–20% common
Higher for investment or lower credit files
Reserves
2–6 months PITIA
May rise with loan size or multiple properties
Property types
1–4 unit residential
Primary, second home, and investment scenarios
Self-employment
Typically 2+ years
Some programs allow shorter history with compensating factors
All loans subject to credit and property approval. Program guidelines vary by investor and change without notice.
Underwriters care about whether your account tells a consistent revenue story. A strong credit score with thin or erratic deposits still fails — and a moderate credit profile with stable monthly inflows often succeeds.
Large unexplained transfers, NSF fees, and gaps between statement periods are common red flags. Before you write an offer, we review your deposit pattern so you know whether the numbers support the purchase price.
Reserves after closing show you can weather slow months — especially important when your income is variable month to month.
When bank statement is not the right product
Related bank statement guides and Non-QM resources from Ryan & Steve.
How deposit-based Non-QM income calculation works and who it helps.
Personal vs. business documentation paths and deposit factors.
Full hub with benefits, use cases, and application steps.
When tax-return conventional may still be the better path.
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Self-employed borrowers, 1099 contractors, LLC members, and business owners with 12–24 months of consistent deposits typically qualify when credit, down payment, reserves, and DTI fit program guidelines. Guidelines vary by investor.
Many Non-QM bank statement programs start in the mid-600s, with better pricing above 700. Exact minimums vary by lender overlay, loan amount, and occupancy.
Bank statement loans often require 10–20% down for primary residences, with higher equity common on second homes or investment properties. Compensating factors like reserves can help borderline files.
Underwriters want consecutive months from the same account series, stable or growing deposits, and clear documentation of business revenue — not unexplained transfers or irregular spikes.
Share your deposit history — Ryan & Steve will match you to the right Non-QM bank statement program.
Ryan Minick and Steve DeLon — Branch Managers & Senior Loan Officers at Luminate Bank. Based in Kokomo, Indiana. Lending nationwide since 2005.
Contact
Ryan Minick NMLS# 203249
Steve DeLon NMLS# 202876
Luminate Bank NMLS# 1281698
Kokomo's Mortgage Team. Lending Nationwide.
1221 Appletree Lane, Kokomo, IN 46902
Luminate Bank NMLS 1281698 Bank Headquarters 2523 S. Wayzata Blvd., Suite 100 Minneapolis, MN 55405 (952) 939-7200. This is not an offer to enter into an agreement. Information provided is outlining the minimum down payment requirements as allowed by specific loan program and product guidelines and any information, rates and programs are subject to change without prior notice and may not be available in all states. All loans are subject to credit and property approval. Luminate Bank is not affiliated with any government agency. All rights reserved.
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