Advantages With Bank Statement Only Program

Anything can happen in the mortgage process — imagine not meeting the traditional requirements. So, does this mean you should forget about buying your own home in Illinois?

Of course not, and now we’ll explain how bank statement mortgage loans in Illinois can help you buy real estate. This option is worth considering if you invest in real estate, are self-employed, or are retired — meaning you will likely encounter difficulties when using tax returns that do not accurately reflect income. Deductions and write-offs on income tax forms do not represent how much a person earns in these cases, making the job of conventional loan underwriters difficult.

With bank statement loans, you can use your bank statements to prove your income.

What are Bank Statement Mortgage Loans in Illinois?

If you apply for a loan with a bank statement, you will not need to go through the traditional qualification procedure. You can provide bank statements to verify your income, deposits, and your ability to repay the loan.

Bank statements make mortgages available to borrowers turned down due to qualification issues.

Benefits of getting a loan with a bank statement:

  • Down payment only 10%
  • Loan programs for 12 or 24 months
  • There is no need to provide tax returns or W2 forms
  • You can increase your debt-to-income ratio. In some cases, this figure can reach 55%

So, even with unverified income, you can still purchase a home in Illinois with a bank statement loan.

Features and Requirements of a Bank Statement Loan in Illinois

Before you get a bank statement loan in Illinois, it’s essential to understand the various features and requirements:

  • No tax returns required
  • Qualified based on Personal or business statements for the most recent 12 months
  • Loan amount up to $3 million
  • 10% Down payment with no mortgage insurance
  • Owner occupied, 2nd home, Investment Property
  • Interest Only Loan Options
  • 30-year fixed option available
  • Non-Perfect Credit OK
  • Gift Funds for Down Payment
  • W2 co-borrower ok, income and employment traditionally verified
  • Retirement income is usable with verification (1099, award letter, etc.)


  • 2 years of self-employment verified through a CPA or business license
  • Low number of NSF or O/Ds
  • 12 months of mortgage or rental history
  • 3-month reserves

How much do I need to put down for a Bank Statement Loan in Illinois? 

The down payment amount for an Illinois bank statement loan often depends on the borrower’s credit or bank statement. Also, essential parameters will be regular deposits into these accounts and the property value you plan to buy.

Is there a difference between a Bank Statement Loan and a Conventional Home Loan in Illinois?

Yes, there is a difference, and it is quite significant. Let’s look at this issue in more detail.

Bank Statement Loans:

  • Bank Statement loans are intended for non-traditional W2 employees, including business owners, consultants, restaurant owners, and gig economy workers with valid business licenses.
  • Borrowers can use bank statements to prove they can repay the loan amount.

Conventional loans:

  • These loans are available to most employees (not self-employed) with a W2, and borrowers can choose from various options, ranging from short-term ARMs to 30-year fixed rates.
  • They typically require a minimum down payment of 5% to 20% and a credit score of at least 700.

How to get a Bank Statement Loan in Illinois

LBC Mortgage experts can help potential borrowers, including business owners and self-employed individuals, complete the process. First, we will conduct an initial consultation, assess your eligibility for a loan, and help you complete your application. Then, we’ll help you find the best rates based on your credit score.

Once you lock in your rate, we’ll begin the underwriting process while you focus on completing all necessary checks. Finally, when your loan is ready to be signed, we can finalize everything and release your funds, allowing you to purchase your home.

Find out if you qualify for an Illinois bank statement loan

LBC Mortgage is one of the best-known and respected brokerages in Illinois. We work with a large pool of lenders across the country and can offer our borrowers various choices.

Together with us, you can get a loan that is ideal for your financial situation. Working with our team, you will simplify the mortgage process as much as possible and will be able to focus on choosing a property.

Apply for an Illinois bank statement loan with LBC Mortgage — schedule a free consultation.