Best Mortgage Option for Self Employed Buyers Uses Bank Deposits Instead Of Tax Returns

If you are self-employed and have tried to get a mortgage, you know the challenges. As the owner of your own business, when your company does well, you actively try to put money back into the company. It’s an investment in your business, and a tax write off. It’s good business. You leave yourself less spending money for vacations and fun activities because you’re building your future. You dine out less than you easily could because when you have extra money, you purchase something extra for your company. $1200 extra this month? Why not pay for some extra advertising for the slow season. $5500 extra? Purchase a new point-of-sale. That’s how it goes when you’re self-employed, isn’t it? Forever, that meant you were out of luck when it came to a mortgage because when lenders were looking at your tax returns to judge your debt-to-income ratio and your extra spending money, it looked like things were incredibly tight for you. You and the banks both know that you could have done without the new point-of-sale machine. You already had one that worked good enough. You and the banks both know that your advertising was merely an investment that would bring you even more income next year. But the rules were the rules.

These days, there’s a new option and it’s incredibly exciting for people who own their own businesses. Now, homebuyers who are self-employed have the option to get a bank statement loan. This was introduced specifically for people who have faced challenges qualifying for a mortgage but can actually afford the payment. The self-employed.

With bank statement loans, the lenders will ask for bank statement deposits as your proof of income instead of your tax returns. Then, they will take a percentage of the average deposits into your business accounts and/or 100 percent of the deposits in your personal account and they will use that to determine if you can actually afford the mortgage payment.

So, if you tried to get a mortgage just a few years ago, but were denied because of your self-employment and good business practices, ask your lender about applying for a bank statement loan today. Get your pre-approval letter, and then call us this week so that we can get you into your Dubois County dream home!

Are You Thinking of Buying a Home in Dubois County?

Use our site to search homes for sale in Jasper, Dubois, Spencer, Martin and Davis counties and all of our surrounding areas. Unlike the “big name” sites out there, at Sell 4 Free Welsh Realty our site is directly connected to our local MLS and is updated with new homes every hour. By signing up for New Listing alerts you can stay on top of the newest homes for sale and get price change alerts so you can stay ahead of other buyers and beat them to the hottest deals!

Start your Home Search now

Popular Jasper Indiana Home Searches:

Newest Homes for Sale in Dubois County

View the newest homes listed in Dubois County in the last 10 days:

Situated on a .31 acre lot is this 1000 sq. ft. all brick home. Features include 3 bedrooms and 1 1/2 bathrooms. There is also a 1 car attched garage and rear patio. This is a fixer upper being sold "as is". Included in the sale is the range, refrigerator, washer and dryer. $110,000 Pending

1236 W Todd Lane Jasper, Indiana

3 Beds 2 Baths 1,000 SqFt 0.31 Acres

Listing courtesy of Gary Schnell from SELL4FREE-WELSH REALTY CORPORATION.

Check out this beautiful, modern home in the gorgeous neighborhood of Deer Creek Park. Walk into this updated eat-in kitchen that extends into a wonderful living room equipped with a gas log fireplace. Off the kitchen you'll find a mud room connected to the garage with a half bath and the large laundry room. The three-car stacked garage is large enough for your vehicles, lawnmower, other lawn equipment, and other storage. Upstairs are the master suite and three more bedrooms. The spacious master suite boasts an updated bathroom and large walk-in closet. Two of the other three bedrooms also have walk in closets, and upstairs there is another updated bathroom. Downstairs there is a bonus room, bathroom, large living area great for entertaining, and a rec-room great for storage. New roof in October 2024 and 10' x 20' shed added May 2025. Don't miss out on this opportunity to own this gorgeous home! $630,000 Active

39 Hannah Lane Jasper, Indiana

4 Beds 4 Baths 4,834 SqFt 1.65 Acres

Listing courtesy of Nathan Hanselman from SELL4FREE-WELSH REALTY CORPORATION.

Come see this cute ranch style home conveniently located in a quiet cul-de-sac in town. This home boasts three bedrooms and two full baths. The kitchen wall has been fitted with a large window to the living room to give the perception of an open space. The former garage was converted into a large studio/in-law suite complete with full bathroom and additional kitchen. The property is completed with a great flat yard space in the back with a 10x12 yard barn. $195,000 Active

479 S Carroll Drive Jasper, Indiana

3 Beds 2 Baths 1,296 SqFt 0.21 Acres

Listing courtesy of Nathan Hanselman from SELL4FREE-WELSH REALTY CORPORATION.