Call Us

Self-Employed Loans

Bank Statement Mortgages

Bank Statement mortgage program is the perfect option for self-employed borrowers who need an alternative method to show the true cash flow of their business. Borrowers do not have to own 100% of the business. Self-employed borrowers represent an underserved market in the mortgage industry. Our Bank Statement program provides a loan solution to help underserved credit-worthy self-employed borrowers who otherwise would not qualify for a home loan

Benefits

  • Loans up to $3 million with a minimum of $150,000
  • 12 or 24 months business or personal bank statements
  • Two years seasoning for foreclosure, short sale, bankruptcy or deed-in-lieu
  • Two years self-employed required
  • Borrowers can own as little as 50% of the business for business bank statements and 25% for personal bank statements
  • Purchase and cash-out or rate-term refinance
  • Owner-occupied, second homes, and non-owner occupied
  • Most loans will be qualified on an expense factor of 50%. Companies with a lower expense factor will require a statement from a third party CPA or tax preparer. (Some industries with traditionally higher expense factors will be underwritten with a 70% expense factor.)
  • Non-warrantable condos allowed

See If You Qualify

Fill out this short 3-step form and receive a Detailed Information Sheet on the rate and terms we can provide you. There is no obligation. We can provide a pre-approval letter if you are approved and need one.

How Bank Statement Income Is Calculated

Instead of tax returns, we look at the deposits into your accounts to estimate the true cash flow of your business. Typically we average 12 or 24 months of statements from the same account. With business bank statements, an expense factor (commonly around 50%, and adjusted up or down by industry) is applied to reflect the cost of running your business. With personal bank statements, a larger share of your deposits can often be counted as qualifying income, since business expenses are assumed to be paid elsewhere.

Loan Options

  • 30, 20, and 15-year fixed-rate and adjustable-rate (ARM) options
  • Interest-only products available
  • Purchase, cash-out, or rate-and-term refinance
  • Owner-occupied homes, second homes, and investment properties
  • Non-warrantable condos allowed
  • No tax returns, W-2s, or pay stubs required

What Helps Your File Move Smoothly

A few simple things keep the process on track: keep deposits consistent and traceable to your business, be ready to document any unusually large one-time deposits, and avoid non-sufficient funds (NSF) or overdraft activity during the months we review. Funds used for your down payment and closing costs generally need to be “seasoned” in your account for at least 60 days.

Customer Reviews

We Serve the Entire State of Florida

At On Mortgage, we proudly provide mortgage solutions to homebuyers and investors throughout Florida. Here are some of the cities we serve near Miami, but we aren’t limited to these locations:

• Boca Raton • Boynton Beach • Cape Coral • Clearwater • Coral Springs • Davie • Daytona Beach • Deerfield Beach • Doral • Fort Lauderdale • Hallandale Beach • Hialeah • Hollywood • Homestead • Jacksonville • Kendall • Lauderdale Lakes • Miami • Miami Beach • Miramar • Orlando • Parkland • Pembroke Pines • Pine Hills • Plantation • Pompano Beach • Port Saint Lucie • Saint Petersburg • Sunrise • Tallahassee • Tampa • West Palm Beach • Weston