Lending with Melissa · Texas mortgage guidance
Can you get a mortgage when you are self-employed?
Yes. Self-employment does not rule out a home loan. The key is how a particular program documents and analyzes your income, which may differ from what you deposit each month. I look at your full financial picture before comparing conventional and eligible alternative options.
Why do deposits and qualifying income differ?
A business can have strong cash flow while a tax return shows a different amount after expenses. Mortgage programs have specific ways to verify stable income and business activity, so deposits alone do not tell the whole story.
Are bank statement loans an option?
Possibly. Some nontraditional programs review business or personal bank statements, but their documentation, down payment, reserve and pricing rules vary by lender and loan. We should compare the full cost and eligibility before deciding whether one fits.
What should you prepare?
Start with recent tax returns, business details, income records and bank statements you already have. I will tell you what is needed for the programs we actually consider, rather than asking you to guess.
Learn more: Consumer Financial Protection Bureau: mortgage application paperwork.
Loan options, costs and eligibility vary by borrower, property and program. This information is educational and is not a commitment to lend.