Self-Employed Mortgage Options in Tampa Bay
I'm Jim Ronecker, a Tampa Bay mortgage loan officer with Integrity Financial Services. I help self-employed borrowers, business owners and 1099 borrowers find mortgage options based on how their income is actually earned and documented.
Depending on the borrower, that may include conventional financing using tax returns, bank statement programs, or other Non-QM and alternative-documentation options.
Traditional Income Documentation
Tax returns may work well when they show enough qualifying income after business expenses and deductions.
Bank Statement Loans
For eligible self-employed borrowers, personal or business bank statements may provide an alternative way to document income.
Non-QM & Alternative Options
When traditional guidelines don't fit, other financing options may be available based on income, assets, credit and the property.
How Self-Employed Borrowers Qualify for a Mortgage in Tampa Bay
Self-employed borrowers can qualify for many of the same mortgage programs as salaried borrowers. The difference is often how qualifying income is calculated.
Business deductions that reduce taxable income can also reduce the income available for traditional mortgage qualification. Depending on the borrower and loan program, alternative income documentation may also be available.
Reviewing the income structure early can help determine which financing approach makes the most sense before you make an offer on a home.
Mortgage Options for Self-Employed Borrowers in Tampa Bay
There is no single mortgage program that fits every self-employed borrower. The right approach depends on how your income is earned, documented and reported.
Written by Jim Ronecker, Mortgage Loan Originator, NMLS #1025516.
Tax Return Qualification
Conventional, FHA, VA and jumbo financing may be available when tax returns and other documentation support sufficient qualifying income.
Bank Statement Programs
Eligible self-employed borrowers may be able to qualify using personal or business bank statements rather than traditional tax-return income.
Other Non-QM Options
Depending on the situation, alternative documentation programs may be available for borrowers whose income does not fit traditional guidelines.