Self-Employed in Tampa Bay? How Bank Statement Loans Work

If you work for yourself, you know the feeling. Business is good. Money is coming in. Then you apply for a mortgage, and the lender reads your tax return and sees a much smaller number.

That's not a mistake on your part. Write-offs lower your taxes. They also lower the income a regular loan can count. A bank statement loan gets around that by looking at the money that actually lands in your account.

What is a bank statement loan?

It's a mortgage that uses your bank statements to figure your income. The lender reviews your deposits over a set number of months. Your tax return is not the main document.

Other options work the same way. Some use your 1099 forms. Some use a profit and loss statement for your business. Some use the savings and investments you already have.

Who does this help in Pinellas and Tampa?

• Contractors, roofers, and trades business owners
• Salon, restaurant, and shop owners
• 1099 earners and consultants
• Commission earners whose pay moves around
• Retirees and investors with strong savings but little steady income

First-time buyers who are self-employed can use it too.

What can you buy with it?

You can buy a primary home, a second home, or a rental. You can also refinance or take cash out. Condos, townhomes, and 1 to 4 unit properties can fit, including some non-warrantable condos. Longer terms and interest-only options may be available. Ask me for current terms.

How does the process work?

1. Apply at Apply for a Mortgage and tell me you're self-employed.
2. Gather recent business and personal bank statements.
3. I compare the ways to qualify and pick the one that shows your income best.
4. You get a pre-approval that matches the homes you want.
5. We shop with a letter that holds up when you make an offer.

Is it always the best choice?

No. These loans can cost more than a regular loan. If your tax return already shows strong income, a regular loan may be the better deal. I check both paths before you decide. Down payment and credit needs depend on your file.

How Realty of America and PMF fit together

As a Realtor with Realty of America, I can help you find the home. As a Mortgage Loan Originator with PMF, Inc., I can help with the loan. You can use one or both. You don't have to use both.

Want the short version? Read How does a bank statement loan work? or compare every option on Financing.

Jonathan Loescher, Realtor and Mortgage Loan Originator (SL3546365, NMLS 2621894)

Mortgage loans are offered through PMF, Inc., NMLS 1980. Real estate services are offered through Realty of America. They are separate companies, and you don't have to use both. Equal Housing Opportunity. Education only. This is not a commitment to lend. All loans are subject to credit approval, underwriting, and property eligibility. Not all applicants will qualify. Any loan approval is conditional until all underwriting conditions are met. Programs, rates, terms and conditions may change without notice.