Bank statement loans for self employed buyers in Maine and Florida

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. If you are comparing where to apply, I explain the difference between a Maine mortgage broker and a bank. Business owners moving south can use my Maine to Florida mortgage checklist, and condo buyers should read what to do when a Florida condo is turned down by a bank.

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.

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.

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.

• Personal or business account statements for the period the program requires.
• Documentation of your business history and ownership.
• Credit, available funds and details about the property.

Purchase and refinance options depend on the program and the full file.

For Maine bank statement home loans, I review the deposits and business records of clients whose income changes through the year. Contractors and shop owners may need different documentation depending on how revenue reaches their accounts.

I compare this option with the choices in my Maine self employment guide.

Bank statement loans in Florida may help self employed clients document eligible deposits when tax returns alone do not show their business income clearly. I look at the whole property and income file, not deposits alone. Florida homeowners insurance and any condo association review matter to the complete picture.

Florida bank statement home loans may use different account records than a conventional or 1099 path. Read my Florida self employed bank statement article for more on documentation, or the Florida condo guide if you are buying in a condo building.

Bank statements aren't the only way around tax returns. I cover the other options below, with a separate page for each.

• 1099 income. If you're paid on 1099s, some programs qualify you on those instead. See my 1099 mortgage page.
• Profit and loss statement. Some programs use a prepared P&L as the main income document, with business history and supporting records reviewed. See non QM and portfolio loans.
• Asset depletion. If you have a lot in savings or investments but not much income on paper, eligible assets can support the file. See asset depletion loans.
• Foreign national. For buyers whose income and assets are outside the United States. See non QM and portfolio loans.

Rental property instead of a home? That's a DSCR loan, which qualifies on the rent. See DSCR investor loans.

Call or text me at (207) 615-7770, or email Travis@travis.mortgage if you want me to look at your deposits. Guidelines change, and I confirm the current terms for each file.