Bank Statement Mortgage - Qualify with Business Income, Not Tax Returns
Helping Self-Employed Buyers Get the Loans They Deserve
If you're self-employed and looking for a bank statement loan in NJ, traditional mortgage rules might not work in your favor. You know your income is strong-but tax returns often don't tell the whole story due to business write-offs and deductions. That's where a bank statement mortgage comes in. At Elias Mortgage, we help New Jersey entrepreneurs, freelancers, consultants, and small business owners qualify for home loans using the income shown in their bank deposits-not tax documents.
What Is a Bank Statement Loan & Who Is It For?
A bank statement loan is an alternative income verification mortgage that lets self-employed borrowers qualify based on cash flow-not W-2s or tax returns. Instead, lenders review 12 to 24 months of personal or business bank statements to determine your qualifying income. No need to amend past tax returns or explain away deductions.
If your deposits are strong, you've got options. This program is ideal for:
- Freelancers, independent contractors, and consultants
- LLC owners and sole proprietors
- Business owners with heavy tax write-offs
- Self-employed borrowers with consistent deposits but low taxable income
This isn't a niche product-it's a smart solution we arrange for clients across Middlesex County and Central New Jersey every day.

How the Bank Statement Mortgage Works
Here's what to expect with our self-employed bank statement home loan process:
- You submit 12 or 24 months of bank statements (personal, business, or both)
- Lenders average your deposits to calculate income (may apply a business expense factor)
- No tax returns, W-2s, or 1099s required
- Loan amounts may go up to $3 million+ depending on the program
- Down payments typically range from 10% to 20%
- Minimum credit score often starts around 600-620
Bottom line? If your bank deposits reflect healthy income, this program opens the door to a home loan you might otherwise be denied under conventional rules.
Why Choose a Bank Statement Loan in New Jersey?
This type of financing gives self-employed borrowers more control and flexibility:
- Qualify using real income-before write-offs
- Skip the tax gymnastics-no need to amend filings or increase taxable income
- Use for purchases, refinances, or cash-out
- Apply to primary homes, second homes, and investment properties
We also work with lenders who offer jumbo options for higher-priced homes across New Jersey's more competitive markets.
Things to Know Before You Apply
Bank statement loans are more accessible than many expect-but they still come with some unique details:
- Interest rates tend to be slightly higher than conventional loans
- Lenders may adjust income if using business statements (to account for operating expenses)
- Your business must typically be active for 2+ years
- Lenders prefer to see consistent or increasing deposits, limited overdrafts, and few red flags
- Some programs offer interest-only payments or 30-year fixed terms
Don't worry-our team will walk you through which accounts to use and how to document your income clearly.
Real Scenario: What This Could Look Like
A consultant based in Central NJ showed $180,000 in deposits over the last 12 months but had minimal taxable income after deductions. Using a bank statement mortgage, we helped them qualify for a $500,000 home loan-without needing to touch a single tax return. It's the kind of financing that fits the way many successful self-employed clients actually operate.
Questions About Bank Statement Mortgages
Can I get a mortgage using only bank statements?
Yes. That's the core of this program-12 to 24 months of deposits are all that's needed to document income.
Do the statements need to show steady income every month?
Not necessarily. Seasonal fluctuations are okay-as long as the overall average supports the loan. Large, one-time deposits may need an explanation.
What if I mix personal and business finances?
We'll help determine which accounts to use and how to document transfers. It's common for self-employed borrowers to move money between accounts-that's not a deal-breaker.
Can I use this loan to buy an investment property?
Yes, many bank statement lenders in NJ allow financing for investment properties. Terms may vary, and we may also recommend DSCR Loans for purely rental-based properties.
What are the loan limits?
Loan amounts vary by lender-some allow up to $3 million or more if your income supports it.
Ready to Qualify Based on the Income You Actually Make?
Tax returns don't always tell the full story-but your bank statements do. If you're self-employed in New Jersey and want a mortgage that works with your reality, we'll help you explore the best-fit programs, lenders, and terms.