Straight answers
Bank statement loan questions, answered plainly.
The most common questions self-employed borrowers ask about bank-statement mortgages — who qualifies, how the math works, and what happens after you reach out. No hype, no pressure.
What is a bank statement loan?
A bank statement loan is a mortgage that qualifies you using the real deposits in your bank statements instead of tax returns or W-2s. It was built for self-employed borrowers whose tax returns understate what they actually bring home. You typically provide 12 or 24 months of business or personal bank statements in place of the traditional income documents.
Who qualifies for a bank statement loan?
These programs are designed for self-employed borrowers whose income a W-2 cannot explain, including business owners, LLC members, 1099 contractors, freelancers, and gig, commission, or seasonal earners. Self-employed professionals and investors who run their income through their own accounts are also a common fit. A roughly two-year self-employment track record is common, and shorter histories are reviewed case by case.
Do I use 12 or 24 months of bank statements?
Bank statement programs generally review either 12 or 24 months of business or personal bank statements. The right period depends on your situation and the specific program you fit. Scott can help you decide which statements to gather.
Why do write-offs hurt a traditional mortgage application?
Traditional underwriting reads the net income on your tax returns, and healthy write-offs lower that number even when your cash flow is strong. In other words, the deductions that reduce your tax bill can also make you look like you earn less than you do. A bank statement loan reads your real deposits instead, so it is built around how you actually earn.
How does the process work?
There are three steps. First, you send 12 or 24 months of business or personal bank statements, typically in place of tax returns and W-2s. Second, Scott averages your real deposits and matches the program you genuinely fit, giving you one clear number and a straight answer. Third, you close on your purchase or refinance through Cornerstone First Mortgage's bank-statement loan programs.
Can I use a bank statement loan to buy a home, or only to refinance?
You can use a bank statement loan for either a purchase or a refinance. Scott works with self-employed borrowers on both. Which path fits depends on your goals and your situation.
What states does Scott cover?
Scott Jacobs is licensed in Arizona, Washington, and Hawaii. Applications from outside those states are referred to Cornerstone First Mortgage's corporate loan team and handled by loan officers licensed in the applicable state. Cornerstone First Mortgage LLC is licensed in 30+ states.
What documents do I need to get started?
To explore a bank statement loan you generally gather 12 or 24 months of business or personal bank statements, typically in place of tax returns and W-2s. To simply see if you qualify on this site, you do not need to upload any documents. The formal application and document review happen later on Cornerstone's secure portal.
Is filling out the form a loan application?
No. The form on this site is a short, no-obligation snapshot with no documents and no credit pull, so Scott can understand your situation and follow up. It is an information request only, not a loan application and not a commitment to lend. The actual application happens separately on Cornerstone's secure portal.
Will checking my options affect my credit?
No. The survey on this site does not include a credit pull. It is a quick way to tell Scott about your situation so he can talk through your options with you. Any credit check would come later, as part of a formal application you choose to start.
How quickly will Scott respond?
Scott follows up personally after you submit the form. You will get a straight answer about your options, not a sales pitch. You can also call him directly at (509) 552-6822 to talk it through first.
Do my credit and down payment still matter?
Yes. Terms vary with your credit profile and down payment, and not all applicants will qualify. Scott can walk you through where you stand with no guarantees, just a clear read.
Is BankStatementLoanAZ.com a lender?
No. BankStatementLoanAZ.com is a marketing site operated by Scott Jacobs and is not itself a lender. Applications are submitted through Cornerstone First Mortgage LLC, and your application runs on Cornerstone's secure portal.
Who is Scott Jacobs and what are his license numbers?
Scott Jacobs has spent 18 years in mortgage lending and leads Cornerstone First Mortgage's Arizona branch, Future First Mortgage, where he specializes in bank-statement and self-employed lending. His license is NMLS #232479, and Cornerstone First Mortgage LLC is NMLS #173855. Ask him anything about your situation and you will get a straight answer, not a sales pitch.
What is an expense factor in a bank statement loan?
An expense factor is the share of your deposits that a program treats as the cost of running your business, so it counts your net cash flow rather than your gross deposits. For example, a standard factor might set aside 50% of deposits, while a low-overhead service business might be credited with a lower factor. Your lender determines the actual expense factor from your business type and documentation.
Does Scott also offer conventional loans?
Yes. While Scott specializes in bank-statement and self-employed lending, he also originates conventional loans through Cornerstone First Mortgage. If a conventional loan is the better fit for your situation, he’ll tell you and set it up. All loans are subject to program guidelines and underwriting.
Still have a question? Ask Scott.
Tell him a little about your situation and he follows up personally — a no-obligation snapshot, no documents and no credit pull here. You can also try the free income calculator first.