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Self Employed Mortgage
Keep Your Tax Write Offs
Top-Rated Program
*Loan amounts up to $5 million. Get pre-approved today with a quick soft pull—no impact on your credit score!
Business Owners Keep Write Offs with Bank Statement Mortgage Loans
No Tax Returns, Paystubs or W2s Mortgages
Our Self-Employed mortgage, also known as the Bank Statement Loan program, is designed specifically for you. This non-qualified mortgage (NQM) option allows self-employed borrowers to secure a home loan without presenting net income on tax returns or pay stubs.
Instead, we analyze your bank statements for a mortgage over 12 months. We will match you with a competitive NQM Mortgage option if you meet our criteria.
Using Business Income to qualify for a Home Mortgage
- No W2’s or Taxes Needed!
- 660 minimum credit score
- As little as 10% down (90% LTV) for primary residence)
- As little as 15% down (85% LTV) for second homes and investment homes
- 55% maximum debt-to-income ratio (DTI) using your full business income (NEW)
- 12 or 24 month bank statement options
Our program is an excellent choice for a variety of self-employed professionals, including:
- Small Business Owners
- Independent Contractors
- Consultants
- Realtors
- Freelancers
- Entrepreneurs
- Gig Workers
- Truck Drivers
- Startups
- Agency Owners
You don’t need to own 100% of your business to qualify. This is for underserved, credit-worthy, self-employed borrowers who may have difficulty obtaining traditional home loans and would otherwise qualify.
Bank Statement Mortgage Requirements
How do I get preapproved for a mortgage with Bank Statement Mortgage? You need to meet the following criteria:
- 12 Months of Bank Statements: Provide 12 consecutive bank statements from the same account.
- Down Payment: A minimum down payment of 10% is required, along with mortgage insurance.
- Loan-to-Value Ratio (LTV): Up to a maximum LTV of 90%.
- Credit Score: A minimum credit score of 620 is necessary.
- Debt-to-income Ratio: Your debt-to-income ratio must not exceed 55%.
- Loan Amount: Loans can range from a minimum of $150,000 to a maximum of $5,000,000*.
- Escrow Requirements: You must escrow for taxes and insurance.
- Self-Employment History: A minimum of 2 years of self-employment or 1099 contract work is required. An exception can be made for those with at least 1 year of self-employment in the same line of work.
*Please note that terms and conditions may apply. Take advantage of our flexible lending options tailored to self-employed borrowers!
Mortgage Brokers Have Options
How quickly can you close with a bank statement mortgage?
Bank statement loans provide self-employed borrowers with a streamlined way to apply for a home loan without the need to submit pay stubs or W-2 forms from the past two years. Instead, lenders assess the borrower’s bank statements to evaluate their income and determine eligibility for a mortgage loan. This approach allows for a more accurate reflection of your financial situation, making it easier for self-employed individuals to secure the financing they need.
Find out if you qualify for a bank statement loan
No Tax Return Mortgages
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Secure your future by investing in homeownership. Let us help you make the most of your experience and guide you toward finding the perfect home for you.
Natalya Hansen
FAQ
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Depends. Borrowers need to provide the proper information, accurately and communicate with the loan officer in a timely manner to understand their unique financial situation. Can take a few hours to a few days or more.
Usually your realtor will require a pre-qualification so you can review houses in your estimated price range. Mortgage pre-qualification is an informal evaluation of your creditworthiness and how much home you can afford based on self-reported information like credit, debt, income, and assets. It is a process where we review your self-reported income, debts, and credit to determine an approximate loan amount you can borrow. Pre-qualification is an optional first step before obtaining a mortgage pre-approval which is where you apply for the mortgage and get qualified based on the actual property you want to purchase.
Mortgage brokers act as intermediaries between borrowers and lenders, helping borrowers find suitable mortgage loans. While mortgage brokers work diligently to assist borrowers in securing the right funding for their home purchase, they cannot guarantee that a borrower will be qualified for a loan. Here are some reasons why:
Mortgage brokers do not make the final lending decisions; that authority lies with the lenders. Lenders have specific criteria and underwriting guidelines that borrowers must meet to qualify for a loan.
Different lenders have varying requirements and criteria for loan approval. What may be acceptable to one lender may not meet the standards of another lender.
Borrowers’ financial circumstances can change during the loan application process, affecting their eligibility for a loan. Mortgage brokers cannot predict or control these changes.
Despite these limitations, mortgage brokers work tirelessly to match borrowers with suitable lenders and loan products based on the borrower’s financial profile. They leverage their expertise and network of lenders to find the best possible funding options for their clients.
Pre-qualification is an informal assessment of your financial situation, while pre-approval involves a more thorough review and conditional commitment from a lender.
Down payment requirements vary, but typically range from 3.5% to 20% of the home’s purchase price, depending on the loan type and lender.
We at AMXpress have 0% down payment USDA loans in rural areas and VA 0% down payment loans.
Mortgage interest rates fluctuate based on various factors, including market conditions, economic indicators, and individual borrower qualifications. Some loans like the USDA mortgage loans are not tied to the market rates.