Self-Employed · Bank Statement Loans
Self-employed & bank statement mortgages
Your tax return may not tell your whole story. Some loans may look at more.
Business owners often write off a lot, which can make income look lower to a lender. I’ll explain which ways of documenting income may fit you before you start house hunting.
- Florida-licensed
- NMLS #2664300
- Smart Home Loans NMLS #1734077
Ways self-employed income may be documented
Tax returns
Traditional loans usually use one or two years of personal and business returns.
Bank statements
Some non-traditional programs may use 12 or 24 months of personal or business bank statements instead of tax returns. Pricing and down payment usually differ.
1099 income
Contractors and commission earners may qualify with 1099s, depending on lender and program.
Assets
Some programs may let investment or retirement assets help you qualify. Including assets overseas.
Rental income (DSCR)
For investors, some programs may qualify mainly on the property’s rent rather than personal income.
CPA coordination
I can work with your CPA so your file is clean and complete.
Programs, guidelines and eligibility change and vary by lender and program. This page is general information, not a commitment to lend or a guarantee of approval. All loans are subject to credit approval, underwriting and property approval. Not legal or tax advice.
Questions people ask me
Straight answers. Programs and guidelines change, and everything depends on the lender, the program and your situation.
Can I get a mortgage if I’m self-employed in Florida?
Yes, many self-employed borrowers qualify. Lenders usually want a history of self-employment, often two years, and document income through tax returns, or with some programs, bank statements.
What is a bank statement loan?
A non-traditional loan that may use 12 or 24 months of bank deposits to calculate income instead of tax returns. These often need a larger down payment and may cost more, depending on lender and program.
How long do I need to be self-employed?
Often two years, though some lenders may accept less with prior experience in the same field. It depends on lender and program.
Will my write-offs hurt my mortgage?
On a traditional loan, lenders generally use income after deductions, so big write-offs can lower qualifying income. That’s why alternative documentation may help.
Keep exploring
- All loan programs
- VA loans
- First-time buyers & down payment assistance
- FHA loans
- Conventional low down payment
- Seller credits & buydowns
- Refinance, cash-out & HELOC
- Self-employed & bank statement
- Foreign assets
- Bank statement loans for tax returns that don’t show your income
- Mortgage FAQ
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Let’s talk it through
No pressure, just clear answers about what may fit you. Call, text or email me.
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