Are you self-employed and looking to buy a home or refinance your mortgage in St. Petersburg, Florida? You may qualify for a mortgage using 12 or 24 months of personal or business bank statements—or your 1099 income.
If you’re a business owner, independent contractor, freelancer, or self-employed professional in St. Petersburg, FL, getting approved for a traditional mortgage can sometimes be challenging.
Many self-employed borrowers have strong cash flow but show lower taxable income because of legitimate business deductions. This can make qualifying for a conventional mortgage more difficult.
The good news? You may not need traditional W-2 income or standard tax-return income calculations to qualify for a home loan.
At Valor Lending Group, we offer access to alternative mortgage financing programs designed for self-employed borrowers, including 12-month bank statement loans, 24-month bank statement loans, and qualifying 1099 income programs.
I’m also excited to announce that Valor Lending Group now has a branch office in St. Petersburg, Florida!
With over 26 years of experience in the mortgage industry, I’m passionate about helping self-employed borrowers find mortgage solutions that fit their unique financial situations.
What Is a Bank Statement Mortgage Loan?
A bank statement mortgage is an alternative financing program that allows eligible self-employed borrowers to qualify using deposits from their personal or business bank accounts instead of relying solely on traditional tax-return income calculations.
These programs are often referred to as Non-QM (Non-Qualified Mortgage) loans.
Depending on the lender and program, borrowers may qualify using:
- 12-24 months of personal bank statements
- 12-24 months of business bank statements
- 1099 income documentation, under eligible alternative-income programs
These options can be especially helpful for borrowers whose tax returns don’t fully reflect the cash flow available to support a mortgage payment.
How Do 12-Month and 24-Month Bank Statement Loans Work?
Instead of using traditional employment income documentation, lenders review eligible bank deposits to calculate qualifying income.
12-Month Bank Statement Mortgage
With a 12-month bank statement program, a lender typically reviews the most recent 12 consecutive months of eligible personal or business bank statements.
This option may be ideal for self-employed borrowers with consistent deposits and a shorter history of available banking documentation.
24-Month Bank Statement Mortgage
A 24-month bank statement program reviews two years of eligible banking activity.
For borrowers with seasonal income or fluctuating monthly deposits, a longer review period may help demonstrate their overall income history.
Which option is better?
That depends on your business, deposit history, qualifying income, and the lender’s guidelines. I can help you review your situation and explore which documentation option may work best.
Can I Use Personal or Business Bank Statements?
Yes! Depending on the loan program, either personal or business bank statements may be accepted.
Personal Bank Statements
If you regularly deposit income from your business into your personal bank account, certain lenders may use eligible deposits to determine qualifying income.
Business Bank Statements
If most of your income flows through a business checking account, a lender may review your business deposits.
When business statements are used, lenders generally apply an expense factor or another approved method to estimate qualifying income rather than treating every deposit as personal income.
Transfers, borrowed funds, and other nonqualifying deposits may be excluded.
Can I Qualify for a Mortgage Using Only My 1099 Income?
Possibly! Some mortgage programs are specifically designed for borrowers who receive 1099 income.
If you work as an independent contractor or receive income reported on Form 1099, you may have mortgage options that don’t require traditional W-2 employment.
These programs may be helpful for:
- Real estate agents and independent mortgage professionals
- Consultants and freelancers
- Independent sales representatives
- Construction contractors
- Commission-based professionals
- Other eligible 1099 workers
Depending on the program, lenders may review one or two years of 1099 documentation, income history, and supporting records to calculate qualifying income.
You don’t necessarily need to be a traditional salaried employee to become a homeowner in St. Petersburg.
Can I Purchase or Refinance a Home Using Bank Statements?
Yes. Depending on the lender and program, bank statement mortgage financing may be available for:
- Primary residence purchases: Buy a home you intend to occupy.
- Rate-and-term refinancing: Explore replacing an existing mortgage.
- Cash-out refinancing: Access available home equity, subject to eligibility.
- Second homes: Finance an eligible vacation or secondary property.
- Investment properties: Explore financing options for eligible rental properties.
Loan purposes, occupancy requirements, down payments, credit standards, and available programs vary by lender.
Why Are Bank Statement Loans Helpful for St. Petersburg Business Owners?
St. Petersburg is home to entrepreneurs, small-business owners, independent contractors, real estate professionals, and other self-employed individuals.
Whether you operate a consulting business, work in construction, own a restaurant, or earn commissions as an independent professional, your financial situation may not fit traditional mortgage income guidelines.
I understand that being self-employed doesn’t always mean receiving the same paycheck every two weeks.
That’s why I work with borrowers to explore financing programs that consider alternative ways of documenting their income.
Your tax returns may not tell the whole story of your business income. Let’s explore your mortgage options.
Why Work With Me at Valor Lending Group in St. Petersburg?
With over 26 years in the mortgage industry, I’ve helped borrowers navigate a wide variety of mortgage financing situations, including traditional loans, jumbo mortgages, investment property financing, and alternative income documentation programs.
I know that every borrower has a different financial story, especially when you’re self-employed.
My goal is to make the mortgage process easier to understand, explain your available options, and help you find financing that fits your goals.
I’m proud to be working from our Valor Lending Group branch office right here in St. Petersburg, Florida.
Whether you’re purchasing your first home, moving into a larger property, refinancing, or exploring investment opportunities, I’m here to help.
Self-Employed in St. Petersburg, FL? Let’s Talk About Your Mortgage Options!
Don’t let traditional income documentation requirements stop you from exploring homeownership.
Contact Laura Licea today for a personalized mortgage consultation.
**Rates and terms subject to change without notice
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