Bank Statement Loans for Self-Employed Borrowers in Tampa Bay
If you're self-employed, your tax returns may not always reflect the income available to qualify for a mortgage.
Bank statement loan programs may allow eligible borrowers to qualify using deposits from personal or business bank statements instead of traditional tax-return income.
I'm Jim Ronecker, NMLS #1025516, and I help self-employed borrowers throughout Tampa Bay evaluate traditional and alternative mortgage options.
How Bank Statement Loans Work
Bank statement loan programs use eligible deposits to help determine qualifying income for self-employed borrowers. The specific documentation and calculation method can vary by loan program.
Bank Statements
12 or 24 consecutive months of personal or business bank statements are used to document income.
Qualifying Income
Eligible deposits are analyzed to determine qualifying income
Loan Structure
Credit, assets, down payment, property and program requirements are considered
Who Bank Statement Loans May Work For
Bank statement loans may be an option for self-employed borrowers whose income is difficult to document using traditional tax returns. This can include business owners, independent contractors and other borrowers with variable or nontraditional income.
Business Owners
Self-employed borrowers whose tax returns may not reflect the cash flow available to qualify for a mortgage.
1099 & Independent Contractors
Borrowers with nontraditional income who may benefit from qualifying based on eligible bank deposits rather than traditional tax-return income.
Real Estate Investors
Self-employed investors who need a mortgage option that considers how their income and business finances are structured.