As of 2025, more than 36% of U.S. workers (nearly 59 million people) earn income through freelance, contract, or gig-based work. While this shift offers flexibility and independence, it also creates challenges when it’s time to apply for a mortgage.
Bank statement loans make the perfect solution. This type of gig economy mortgage is designed to evaluate income the way today’s self-employed borrowers actually earn, providing a flexible alternative for today’s workforce.
The Challenge with Traditional Mortgages
Standard mortgage underwriting typically requires borrowers to submit W-2s, pay stubs, and two years of tax returns. But what happens when a client is self-employed, runs multiple businesses, or heavily deducts expenses?
Their taxable income can appear far lower than what they actually earn and have available to pay for a mortgage, leading to frustrating loan denials or low approval loan amounts.
For real estate agents, that means a sale might fall through even when the client can clearly afford the property. For investors, it can mean missing opportunities because of traditional income documentation rules.
This is where the gig economy mortgage, in the form of a bank statement loan, is key.
What Is a Bank Statement Loan?
A bank statement loan is a non-QM (non-qualified) mortgage product that allows borrowers to use either 12 or 24 months of bank statements rather than tax returns or W-2s to verify income. It’s designed for individuals who earn significant income but lack documentation that meets traditional loan guidelines.
Instead of analyzing adjusted gross income, a lender reviews deposits into personal or business bank accounts. This provides a clearer, real-time look at what the borrower earns and spends, and can help them qualify for larger loan amounts than they might with a traditional mortgage.
Common Clients Who Benefit from a Gig Economy Mortgage
Bank statement loans are especially helpful for gig workers like rideshare drivers, delivery workers, online sellers, and freelancers like designers and writers, but also:
- Consultants and coaches with 1099 income
- Small business owners with irregular or seasonal earnings
- Real estate investors who report low taxable income due to depreciation or expenses
- High-commission professionals in real estate, insurance, or sales
These individuals often have the financial strength to buy, but they need a loan product that accounts for the way they earn.
About LendSure Home Loans’ Bank Statement Loan Program
At LendSure Home Loans, our bank statement loan program is built specifically for today’s self-employed borrowers.
Program features include:
- Loan amounts up to $3,000,000
- Up to 90% loan-to-value (LTV)
- 12- or 24-month business or personal bank statement options
- Multiple bank accounts accepted
- Business expense ratios as low as 10%
- No tax returns or P&Ls required
- No need to submit a full loan application just to evaluate income
We also offer combinations of W-2 income and bank statements for hybrid earners. This flexibility allows real estate agents to serve a wider range of clients, including those with diverse income sources.
Strategies for Strong Bank Statement Loan Applications
If you’re a real estate agent, helping a client prepare for a gig economy mortgage involves more than just submitting statements.
Here are a few key tips to set them up for success:
- Organize income deposits clearly: Irregular deposits or large unexplained transfers may raise questions. Make sure that income sources are consistent and well-documented.
- Minimize large cash withdrawals: These can reduce average daily balances or cause confusion during underwriting.
- Avoid overdrafts: Frequent negative balances or NSFs can negatively impact the application.
- Get an upfront income analysis: LendSure offers fast, no-obligation reviews of bank statements, before a full application, so agents and buyers know what’s possible early in the process.
FAQs: What Real Estate Agents and Their Clients Should Know About Our Bank Statement Loans
Can a borrower qualify if their income fluctuates from month to month?
Yes. One of the advantages of a bank statement loan is that it looks at income over time, not just a single month. By reviewing 12 or 24 months of deposits, the lender calculates an average that accounts for seasonal or inconsistent earnings. This is ideal for gig economy workers or entrepreneurs with variable income.
How does LendSure determine the expense factor for bank statement loans?
Most lenders apply a flat expense factor, often 40% to 50%, which can drastically reduce the borrower’s qualifying income. LendSure Home Loans’ takes a more custom approach. We use a brief self-employment questionnaire that evaluates real business costs like rent, labor, and cost of goods sold. This allows us to determine a realistic expense ratio, sometimes as low as 10%.
Do personal and business accounts need to be structured a certain way?
No, but organization helps. Clients don’t need to reformat their finances, but maintaining separate accounts for business and personal use can expedite the underwriting process. If accounts are mixed, underwriters will work to isolate qualifying income, but it may require additional clarification.
Are bank statement loans available for investment properties or second homes?
Yes. LendSure’s program supports purchases beyond primary residences, including second homes and investment properties. That flexibility makes it especially useful for real estate investors and clients building rental portfolios.
How long does the pre-qualification process usually take?
Once bank statements are submitted, LendSure Home Loans typically provides an income review within 24 to 48 hours.. This lets agents move forward confidently while giving buyers clear expectations from the start.
Pro Tip for Real Estate Agents
As non-traditional income becomes more common, flexible financing options like a gig economy mortgage can help you serve clients that traditional lenders can’t. A well-timed bank statement loan recommendation could be the difference between a lost lead and a closed deal.
Want to build confidence around alternative financing? Our Realtor Resource Center is packed with tools and guides to help you grow your Non-QM business.
Why Choose LendSure Home Loans?
It’s simple. We make loans that make sense. We’re not in-the-box lenders. Of course, there are numbers, ratios, and data to consider, but we know that behind every file, there’s an individual with unique circumstances seeking a loan.
We’re redefining the mortgage experience one loan at a time. Thanks to our common-sense approach and dedicated lending team, we often say ‘yes’ to today’s homeowners and investors.
Ready to explore LendSure Home Loans’ other offerings? Contact us today.
