Self-Employed Mortgage Loans in Rhode Island
If you're self-employed, you know your tax returns don't always tell the full story of your income. Bank statement loan programs qualify you based on 12-24 months of actual deposits — not your tax returns. As a broker, we have access to multiple lenders who specialize in self-employed borrowers.
What Is a Self-Employed?
When you're self-employed, your tax returns are designed to minimize your tax liability — which often means they understate your actual income. Traditional lenders use tax returns to calculate your qualifying income, which can make it impossible to get approved even if your business is thriving.
Bank statement loan programs solve this problem by using your actual bank deposits over the past 12-24 months to calculate your income. This gives a much more accurate picture of what you actually earn.
As an independent broker, Best Financial works with multiple bank statement lenders, each with different calculation methods and guidelines. Some use personal bank statements, others use business statements, and some accept CPA-prepared profit and loss statements. We find the lender whose approach works best for your specific situation.
Requirements
Credit Score
Solid credit history. Minimum varies by lender (typically 620+).
Documentation
12-24 months of personal or business bank statements. CPA-prepared P&L may be accepted.
Down Payment
Typically 10-20%.
Business History
At least 2 years in business.
Benefits
No Tax Returns Required
Qualify based on bank deposits, not your write-offs.
Flexible DTI
Lenders calculate income differently for self-employed borrowers.
Multiple Lender Options
As a broker, we access lenders that specialize in self-employed files.
Who Qualifies?
- Self-employed for at least 2 years
- Consistent bank deposits over 12-24 months
- Credit score of 620 or higher (varies by lender)
- Down payment of 10-20%
- CPA letter or business license may be required
Application Process
Initial Consultation
We review your bank statements and business history to identify the best approach.
Lender Selection
We match you with the bank statement lender whose calculation method gives you the strongest qualifying income.
Application
Submit your bank statements, business documentation, and application.
Underwriting
The lender reviews your deposits and calculates your qualifying income.
Closing
Finalize the loan and close on your property.