Self Employed Mortgages
Bank statement loans in Maine and Florida
A bank statement loan can help when tax returns do not reflect the cash flow of your business. I review the deposits and documentation before comparing programs.
All loans subject to credit and underwriting approval. Not all applicants will qualify. Rates, terms, and program availability are subject to change without notice. This page is for general education and is not an offer to lend or a commitment to make a loan. Travis Penny, NMLS ID #1649161, is a mortgage loan originator with Vision Mortgage, LLC, NMLS #1286953. Equal Housing Opportunity.
How does a bank statement loan work?
A bank statement mortgage may use 12 or 24 months of personal or business statements to evaluate qualifying income instead of relying only on tax return income. The program reviews eligible deposits and, where required, business expenses. The method depends on the file and current guidelines.
Personal or business statements
The appropriate account and statement period depend on the program and how you receive income.
Deposit review
Transfers and other nonincome deposits may need to be identified rather than counted as earnings.
Full file review
Credit, assets, property, and down payment still matter alongside income.
Which statements are reviewed
Some programs review 12 months of statements, while others use 24 months. Personal statements may fit one income pattern and business statements another. I look at how your business is structured and how deposits reach the account before choosing the documentation path.
How deposits become qualifying income
Deposits are reviewed for consistency and source. Transfers between your own accounts are not business earnings. Business statement programs may apply an expense factor or use supporting business documents to determine usable income. The calculation varies by program, so a deposit total alone is not a qualification.
Who may benefit
Business owners, independent contractors, and professionals with substantial business deductions may want to compare this option with a conventional mortgage. If your income arrives on contractor forms, the 1099 mortgage guide describes another documentation path. My Maine self employment guide explains the broader choices.
What else is required
Expect a review of credit, available funds, the property, occupancy, and your business activity. Program rules also determine how statements, business expenses, and any large deposits are documented. I compare those requirements with your file before discussing an application.
Review your statements
Call or text me at (207) 615-7770, or email Travis@travis.mortgage. Guidelines can change, and I confirm the current terms for each file.
Frequently asked questions
Can I get a mortgage using bank statements instead of tax returns?
Some programs use personal or business statements to review self employed income. Other documents and underwriting requirements still apply.
How many months of statements are needed?
A program may require 12 or 24 months. I confirm the current requirement for the file and the account type.
Do all deposits count as income?
No. Transfers, borrowed funds, and other deposits unrelated to business earnings may need to be excluded or explained.
Can I use business bank statements?
Business statements may be accepted. The program reviews eligible deposits and accounts for expenses according to its guidelines.
What else matters besides deposits?
Credit, assets, down payment, property type, occupancy, and documented business activity also affect eligibility.
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