Champions Mortgage provides self employed loans for Austin business owners and contractors who can’t qualify for traditional mortgage loans. Our bank statement loan programs use 12-24 months of bank statements to verify income instead of requiring tax returns. Self-employed borrowers in Austin qualify for home loans without showing 2 years of profit on tax returns.
Get approved in 3-5 days and close your Austin home in 30-40 days.
A self employed loan is a mortgage designed for self-employed individuals who can’t provide traditional income documentation. Most mortgage lenders require W-2s and tax returns showing consistent income. Self-employed people often can’t meet these requirements because business deductions reduce their taxable income on tax returns.
Bank statement loans solve this problem. Lenders review 12-24 months of bank statements to verify income and cash flow instead of requiring years of tax returns. This lets self-employed borrowers qualify for a home loan using actual business deposits rather than tax return income.
• Business owners with 1099 income
• Independent contractors
• Freelancers and consultants
• Real estate agents and brokers
• Small business owners who write off business expenses
• Self-employed individuals with less than 2 years of tax returns
• Borrowers who show losses on tax returns but have positive cash flow
Self employed loan programs work for purchasing a home or refinancing an existing mortgage. Champions offers these loan options through our Non-QM loan program designed specifically for self-employed borrowers.
Bank statement loan programs calculate income differently than traditional loans. Here’s how lenders verify self-employed income:
You provide 12-24 months of bank statements from business and personal accounts. The lender analyzes deposits to determine average monthly income. They typically calculate income using deposits minus a standard expense ratio (varies by lender, usually 25-50% depending on business type).
For Bank Statement Loans:
• 12-24 months of bank statements (business and personal)
• Profit and loss statement (current year)
• Business license or evidence of self-employment
• Credit report
• Down payment verification
Credit Score: Typically 620-680 minimum (varies by lender and loan amount)
Down Payment: Usually 10-20% required. Higher down payments may qualify for better mortgage rates.
Debt-to-Income: Lenders calculate DTI using bank statement income. Maximum ratios typically 43-50%.
Self-Employment History: Most programs require you’ve been self-employed for at least 12-24 months.
Champions works with multiple lenders that offer bank statement loan programs with varying requirements.
We match self-employed borrowers with the lender that offers the best terms for their situation.
Champions Mortgage offers multiple loan programs for self-employed individuals in Austin. Each program has different requirements and benefits.
Best For Self-employed borrowers with shorter business history but strong recent cash flow.
Requirements:
• 12 months of bank statements
• 12+ months of self-employment history
• 680+ credit score typically
• 15-20% down payment
Best For Business owners with 2+ years of consistent deposits and established business operations.
Requirements:
• 24 months of bank statements
• 24+ months of self-employment history
• 620+ credit score
• 10-20% down payment
For self-employed individuals who receive 1099s but don’t want to provide tax returns, some lenders verify income using 1099 forms and bank statements showing deposit consistency.
Requirements:
• 1099 forms from clients
• Bank statements showing deposits
• 620+ credit score
• 10-20% down payment
Some programs allow qualification using a year-to-date profit and loss statement prepared by a CPA or accountant, combined with business bank statements.
Requirements:
• CPA-prepared P&L statement
• 12-24 months bank statements
• Business license or formation documents
• 640+ credit score
To qualify, borrowers generally need to meet the following criteria:
Our loan experts will guide you through the process, making it simple and stress-free.
Don’t let the complexities of traditional loans hold you back. With Champions Mortgage’s Self-Employed & 1099 Loan Program, you can achieve your dream of homeownership.
Contact us today to learn more or get started on your application.
