Do you own a business or work for yourself? Tax returns can make your income look small after write-offs. That can make a loan hard to get. Best Option Mortgage offers programs that look at your bank deposits instead. Approval depends on your full file, so nothing here is a promise.
Self-employed mortgage: How bank statements work
A self-employed mortgage can use 12 or 24 months of bank statements to show what you earn. Your lender reviews the deposits and works out a steady monthly income. With the Elm Non-QM program, tax returns are not needed for this option.
You can use personal statements or business statements. Deposits from apps like Square or Venmo can count. Refunds, loans and other non-business money do not. Large one-time deposits may need proof or may be left out.
Self-employed mortgage: What lenders look for
Most borrowers need two years of self-employment. One year may work if you spent two years in the same line of work. You may need a CPA letter, a business license or old bank statements to show how long you have owned the business.
Credit score, down payment and the size of the loan still matter. Learn more in our guide to bank statement mortgages and our post on mortgage options for self-employed borrowers.
Get ready before you shop
Save your bank statements in one folder. Keep business and personal money apart when you can. Avoid big transfers and new debt. If you plan to file taxes soon, read why to talk to us before you file.
Ask your advisor which self-employed mortgage option fits you. Other programs can use 1099 forms or profit and loss statements.
FAQ: Can I get a mortgage if I am self-employed and have low taxable income?
You may be able to. Bank statement programs look at deposits, not just the income on your tax return. Your advisor must review your file. Approval is not guaranteed.
How many months of bank statements do I need for a self-employed home loan?
Elm uses 12 or 24 months of statements in a row. Your advisor will tell you which one fits your file.
Do I need tax returns to get a bank statement mortgage?
Not for the Elm bank statement option. Other programs may ask for different papers, so check before you apply.
How long do I need to be self-employed to buy a home?
Two years is the usual rule. One year may be enough if you worked in the same field for two years before you started your business.
Can I use my business bank account to qualify for a mortgage?
Yes. Elm allows business or personal statements. Business statements get a closer review, and a third party who knows your business may need to help prepare your numbers.
Ready to see what a self-employed mortgage could look like for you? Talk with Best Option Mortgage about the next step. All loans are subject to approval. Program terms can change at any time.
Best Option Mortgage is a DBA of ML Mortgage Corp. ML Mortgage Corp. is a state-licensed mortgage lender, NMLS ID #362312, licensed by the CA Department of Financial Protection and Innovation under the Finance Lenders Law, License #60DBO69831. For other states, visit www.mlmortgage.net. To verify licenses, visit www.nmlsconsumeraccess.org. All loans are subject to credit approval and acceptable collateral. Additional terms and conditions apply. Programs, rates, terms, and conditions may change without notice. Not all programs are available in all states. There is no guarantee that all borrowers will qualify. Restrictions may apply. This is not a commitment to lend. © 2026 ML Mortgage Corp. All rights reserved.