· Plan · 05
Self-employed.
Tax returns telling a different story than your bank balance? Bank statement loans and DSCR options exist for this.
What documentation do I need?
Conventional: 2 years of personal and business tax returns, year-to-date P&L, business license. Bank statement programs: 12–24 months of business or personal bank statements (no returns required). DSCR for investment property: just the lease and the property's appraisal.
Can I qualify on bank statements only?
Yes. Bank statement loans look at deposits over 12 or 24 months, apply an expense factor (typically 50–75% depending on industry), and use that as qualifying income. No tax returns. Rates are typically 0.5–1.5% higher than Conventional.
What's a DSCR loan?
Debt Service Coverage Ratio loan. For investment properties only. Qualifies the PROPERTY (not you) — if the rent covers the mortgage payment (DSCR 1.0+), you qualify. Your personal income doesn't matter. Standard for investor purchases.
Will my rate be higher than a W-2 borrower's?
On Conventional with full documentation: same rate. On bank statement or non-QM products: yes, typically 0.5–1.5% higher. The trade is access — these programs exist because traditional documentation excluded a real category of borrower.
How are tax write-offs viewed?
On full-doc loans they reduce qualifying income, which can push you out of approval. On bank statement loans they don't matter — only deposits do. This is the structural reason self-employed borrowers often choose bank statement programs.
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