Hilton Head · Your home. Your next step.
Self-employed and planning a home purchase in Hilton Head? A bank-statement loan may offer another way to show your income. Compare it with your other mortgage choices and see how the payment fits both your home and business plans.
The lender needs to understand how your business earns money and how you pay yourself. A bank-statement option may use eligible personal or business deposits to help calculate income. It is a way to document income, not a promise that every deposit counts or that the loan is approved. The method and terms depend on the lender, your business and the home.
Start with the kind of work you do, your business history and the accounts you use. That helps the lender identify which records to review.
Ask us to look at both a bank-statement method and a standard tax-return review. Working for yourself does not rule out a conventional loan.
Choose a payment that leaves room for your bills, business costs and savings. Do not judge affordability from one busy month.
Ask which statements and supporting records your situation needs before gathering paperwork or moving funds.
The CFPB loan-options guide can help you compare the loan type, term, rate and costs, not just the way income is documented.
Ask us which income method and records fit your business and home plans.
Ask for a current written quote for your situation. Compare any points, rate changes and early-payoff terms as well as the first payment. Use the CFPB Loan Estimate guide to understand the cost breakdown.
Ask what down payment and savings the lender requires after closing. Include taxes, insurance, inspections and any HOA dues in your own plan. A larger down payment may change the offer but also uses cash you may need later.
Before using business money to buy, discuss the withdrawal with the lender and your tax professional. Leave room for the bills that keep your business running. The mortgage should fit your life without relying on every dollar in the business account.
Some methods review eligible deposits in a personal account. A business-account method may reduce deposits for business expenses. Tell the lender how money moves between accounts so the same funds are not counted twice.
Transfers, one-time funds and unusual deposits need review. Provide an explanation and records when asked. The amount the lender can use for the mortgage may be lower than your total deposits.
Some programs review 12 or 24 months of statements. Ask which period and accounts your situation needs. Complete records help show the pattern, including quieter months.
The lender may request proof of business activity, expense records, a profit-and-loss statement or other documents. Ask what applies to you and how to provide it. The CFPB document guide explains why lenders may need more information and proof of funds.
A conventional lender may make allowed adjustments to the income shown on your tax returns. It also looks at the business and cash flow. Fannie Mae’s self-employed borrower guide explains that approach. Ask us to compare it before deciding you need an alternative method.
Some bank-statement programs allow main homes, second homes or rental properties, with different terms. A purchase and a refinance can also have different rules. Ask about the actual property and your plans before relying on a program summary.
| Loan choice | What to compare |
|---|---|
Conventional loans | If your income can be supported through a conventional review, compare that offer too. Include the down payment, any mortgage insurance, loan fees and cash left after buying. |
FHA, VA or USDA when eligible | Being self-employed does not automatically rule out a government-backed loan. Each program has its own income, property and other requirements. Ask which options may fit rather than assume a bank-statement loan is your only path. |
Rental-property financing | If you are buying a rental, ask about investment-loan choices as well as bank-statement income methods. Explain any personal use and the rent you expect so the lender can review the right type of financing. |
The people behind your next step
Beaufort Lending is a mortgage broker in Port Royal, helping buyers across South Carolina. We shop loans from wholesale lenders, then help you compare payments and closing costs. Our team explains your choices in plain words and helps you see what fits your budget. From your first questions to closing, you have people to turn to for help.
Easy to communicate with, always available to answer any questions and provided a seamless experience.
His guidance made every step feel manageable, even when the situation changed quickly.
They were clear, knowledgeable, and prompt in answering our questions at all hours.
The selected method may use bank statements to calculate income, but the lender can still ask for other records. Ask what your situation requires before assuming tax returns or business papers will not be needed.
Tell us when you started the business and what you did before. Work history and lender requirements both matter. We can help you compare the available paths without assuming a certain number of years decides everything.
Talk with your tax professional before changing how you file. Have the lender review your actual records and compare your mortgage options first. A loan choice and a tax decision need their own review.
Keep records showing where the deposits came from and how the business earned the money. The lender decides what its method can use. Cash sales, account transfers and one-time deposits are not all treated alike.
Tell us about your business, how you get paid and the home you hope to buy or refinance. We can explain which statements and other records to provide and help you compare the next steps.
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Tell the Beaufort Lending team about your business, home plans and the payment that feels comfortable. We can help you compare income methods, costs and the next step.
Benji Gecy, NMLS #302188 · Beaufort Lending, NMLS #1703543 · Equal Housing Lender
