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South Carolina Self Employed-NO Tax Return-Bank Statement Mortgage Lenders

South Carolina Bank Statement Self Employed Mortgage Lenders

When determining the appropriate qualifying income for a South Carolina self-employed mortgage applicant it is important to note that business income reported on an individual IRS Form 1040 may not necessarily represent income. No Tax return bank statement South Carolina mortgage lenders use bank statements along with a questionnaire  to determine the amount of qualifying income used to purchase or refinance a home.

South Carolina Bank Statement Self Employed Mortgage Lenders

  • Personal Bank Statements: You can qualify using 12 or 24 months bank statements and use Up To 100 percent of deposits if they came from a South Carolina business Bank Account.
  • Business Bank Statements: You can qualify with 12 or 24 months of bank statements and count up to 90% percent of the deposits. A South Carolina self employment questionnaire is usually required to determine your income. For example if you are a 1099 salesman with minimal business expenses can use up to 90% of your income to qualify. 
  • 1099s For Income: Some South Carolina lenders will allow 2 years 1099’s and 2 months recent bank statements along with a bank statement questionnaire to understand your expenses.
  • Lease Agreements: As long as the lease agreements are enough to cover the mortgage payments lenders will lend up to 80% loan to value with no income verification needed.

How To Qualify For A Bank Statement Only Mortgage?

NOTE: Guidelines are general and may vary slightly based upon your self employed situation. 

  • You must be self employed – Minimum 1 year 2+ years self employed.
  • Down Payment – Minimum 10% with better credit. Possibly more if you have a bankruptcy or bad credit.
  • Rental History – Bank statement mortgage lenders usually want to verify the most recent 12 months timely rental history.
  • Reserves – Minimum 3 to 6 months of future mortgage payments must be in your account after downpayment and closing cost.
  • Credit Scores – Some No tax return mortgage lenders may allow scores as low as 550 with at least 35% downpayment.
  • Bank Statement Requirements – Most lenders require you to supply 12-24 months’ worth of bank statements
  • P&L Statements – It is possible that your lender may require you to provide a P&L statement.
  • Assets – Your assets must be fully Sourced or seasoned in the account for at least 30 days.

South Carolina bank statement mortgage lenders that make it easier for South Carolina self employed mortgage applicants to qualify for a mortgage. We all know that it makes sense to deduct expenses to avoid paying excessive taxes. The problem is that oftentimes South Carolina self employed borrowers have taken advantage of every write off available to them and their net income is no longer sufficient to qualify for a South Carolina mortgage.  Bank statement mortgage mortgage lenders can approve you using bank statement only to verify your income.

No Tax Return South Carolina Bank Statment Mortgage Lenders will lend on

  • Single-family homes
  • Condos / Condominiums
  • Townhomes / Villas
  • Condotels


Take a look at our new 1099 Only SC SELF EMPLOYED South Carolina mortgage or our FL SELF EMPLOYED South Carolina bank statement only loan program for FL SELF EMPLOYED South Carolina self-employed borrowers.  Self-employed FL SELF EMPLOYED South Carolina mortgage applicants can provide 12 or 24 months of bank statements to qualify for a FL SELF EMPLOYED South Carolina mortgage with NO TAX RETURNS.

South Carolina Self Employed Mortgage Lenders

If you’re one of the 1000’s of South Carolina self-employed workers that write off to much income to qualify for a South Carolina mortgage? it is now easier than ever to be self-employed get approved for a South Carolina mortgage if you are self-employed and have sufficient income and payment history you can now qualify for a bank statement only South Carolina mortgage. Fannie Mae has relaxed some of their guidelines for documenting self-employed income. Even today South Carolina self-employed mortgage applicants are having trouble betting approve for their South Carolina dream home.  Here we have provided the much-needed information to help you get approved for a self-employed mortgage loan using bank statements only to document your income and ability to make the South Carolina mortgage payments. 

How Long Must You Be Self Employed in South CarolinaTo Qualify? 

Most South Carolina mortgage lenders that provide self-employed mortgage loans want to see proof of at least 2 years business history. Some South Carolina self-employed mortgage lenders only require 12 months personal bank statements but still want proof of stability for at least 2 years. For self-employed South Carolina business owners using business bank statements 24 months business bank statements are required and a South Carolina profit and loss statement signed by the South Carolina business. NO Tax Returns Needed!


Here’s more good news for our Self Employed Mortgage Applicants! Self Employed South Carolina Mortgage Lenders Home Loans, Inc. may be able to approve your self-employed borrowers, even those with a history with less than two years of self-employment.  These applicants may qualify for our Fresh Start, Homeowner’s Access and Premier Access products.

When qualifying these borrowers, our underwriters look for:

  • At least two years of previous employment in the same line of work in which the borrower is now self-employed
  • At least one year of employment, plus formal education or training in the same line of work.
  • Proof that the borrower’s income is stable and is expected to continue
  • Substantial compensating factors that address the borrower’s ability to repay.

 Self Employed Income Using Tax Returns Make it Hard To Qualify

A borrower’s income is still probably the single most important factor in qualifying for a South Carolina mortgage. For traditional South Carolina mortgage lenders to know what you earn, they will want to see at least the last two-years of a self-employed borrower’s Schedule C from an IRS Form 1040. Schedule C is the tax form that represents the income or loss from your South Carolina business. If income increases between year one and year two, South Carolina mortgage lenders will take an average of the two years. However, if the second year’s most recent income is lower than the first year, South Carolina mortgage lenders are required to use the lower number. With our bank statement only mortgage program this is not an issue because the lender will add u p your most recent 12 or 24 months bank statements and average out your income.

Self Employed South Carolina Mortgage Loans

If you’re going to mortgage your South Carolina home purchase with traditional financing that is conforming to Fannie Mae and Freddie Mac guidelines you will be required to fully document your self-employment income via adjusted income on your 1040 tax returns. It is standard that  Fannie Mae will want a full 2 years worth of tax returns to document your net income after expenses. For many South Carolina self-employed mortgage applicants to provide this requirement can be difficult for self-employed South Carolina business owners.

If you’re purchasing a new South Carolinahome or refinancing your existing South Carolina mortgage there is a specific process South Carolina self-employed must go through to get approved for a South Carolinamortgage. Under the old guidelines, self-employed works had difficulty qualifying based on proof of income. This happens for a variety of reasons including how a business is structured most importantly how much income you write off as a self-employed South Carolina mortgage applicant.

South Carolina self-employed workers have no history of paychecks that can be documented because the employer usually pays the w2 employee expenses. They take may take distributions with no regular amount or frequency making qualifying based on income difficult even with bank statements and tax returns.  If your business is new and you don’t have documented sources of revenue or even two years of federal tax returns this can make qualifying for a traditional mortgage difficult, if not impossible.

If you have a history of paying yourself from your South Carolinabusiness, Fannie Mae’s guidelines state that your business only needs to have adequate income to support your future distributions. Most South Carolina mortgage lenders will require documentation that your South Carolina business is legitimate and stable. This could be provided in the form of your letters of incorporation or the K-1 filing which highlights your percent South Carolina business ownership.

The underwriting process is still going to be more complicated for South Carolina self-employed mortgage applicants. Fannie Mae and Freddie Mac have similar processes to verify income from South Carolinaself-employment.These requirements follow the ability to repay guidelines to ensure that you have adequate income from South Carolina business owners ability to repay the loan. South Carolina mortgage lenders adhere strictly to these guidelines so that the loans can be sold to Fannie Mae and Freddie Mac.

If you don’t have two years of business tax returns the guidelines you may be able to qualify for a bank statement program using your personal bank statements as an alternative to a conventional mortgage. These types of programs are available from boutique portfolio lenders and offer reasonable rates and fees.

Roadblocks for South Carolina Self Employed Mortgage Applicants

The most common roadblock South Carolina self-employed workers face is proving how much your net income is from the business based on tax returns and deductions. South Carolina self-employed mortgage applicants may have significant cash flow in your business but could be in for a shock when you learn your qualified net income based on tax write-offs and expenses for your business. If you cannot demonstrate sufficient net income from your business it still may be possible to qualify for a bank statement program using income on your personal statements.

South Carolina Business Tax Deductions Lower Documented Income

Running a business as a self-employed worker can be very expensive and often comes with significant tax liability. The temptation can be to lower your taxable income with deductions. These deductions include business expenses for things like equipment, expense accounts, and annual depreciation.

Taking business deductions may save you money on your taxes but it could make it more difficult to qualify for a mortgage. As a self-employed worker, you are qualified for a mortgage based on your net income, not gross income for a traditional worker.

Most self-employed business owners claim as many tax deductions as the law allows which significantly lowers your net income and therefore your ability to qualify for self-employed home loans.

Debt to Income Ratio for the South Carolina Self Employed

Maintaining a low debt to income ratio is important in qualifying for any mortgage loan. As a self-employed worker, your debt to income ratio is calculated differently from traditional workers.

Your debt ratio is calculated by your average net income from the most recent tax returns along with current year income and expenses. In order to be approved for a self-employment mortgage, your debt-to-income ratio cannot be more than 43 percent.

If you’re considering purchasing a new home or refinancing your existing mortgage you might want to consider taking fewer tax deductions to reduce your debt-to-income rate with the highest possible net income.

South Carolina Mortgage Documentation Makes a Difference

The loan process you’ll go through as a self-employed business owner is the same as everyone else. Where it gets sticky is providing your income documentation. The more you have to prove that business income is sustainable and able to pay the easier the process becomes to qualify as a self-employed South Carolina business owner.

Keeping accurate records of income and expenses will make it easier to prove that you are a sustainable business as well as documenting net income which is required for maintaining a favorable debt ratio.

Mortgages for South Carolina Self Employed Business Owners

South Carolina Mortgage lenders generally consider self-employed business owners to be higher risk than those who work for a traditional paycheck. Higher risk Self-employed South Carolina business owners pay more at closing and over the life the loan with higher interest rates. If you’re accepting a higher interest rate when you purchase your South Carolina home you may be able to lower that rate down the road by demonstrating a reliable payment history and refinancing.

How You Structure Your South Carolina Business Matters

There are several different ways to be self-employed and underwriters treat them all differently. The most common business structures include sole proprietorship, partnerships, LLCs and S corporations.

Under a sole proprietorship, your business income is reported on schedule c of your tax return. With a partnership profits in the business are split between partners based on their respective percent of ownership. Limited Liability Corporations are considered pass-through entities for tax purposes. S corporations follow strict guidelines for distributions. Depending on how you structure your business you could potentially pay yourself on a w-2 and avoid the hurdles of a self-employed mortgage completely. Your accountant can help you choose the optimal business structure for your company.

No matter how you choose to structure your business there are steps you can take to maximize your income from self-employment and maintain an optimal debt ratio. All of these factors are under you control and are part of maintaining healthy finances as a self-employed worker.

South Carolina No Tax Return Bank Statement mortgage lenders coverage areas

Columbia South Carolina No Tax Return Bank Statement mortgage lenders 129,272
Charleston 120,083
North Charleston South Carolina No Tax Return Bank Statement mortgage lenders 97,471
Mount Pleasant 67,843
Rock Hill 66,154
Greenville South Carolina No Tax Return Bank Statement mortgage lenders 58,409
Summerville 43,392
Sumter 40,524
Hilton Head Island 37,099
Florence South Carolina No Tax Return Bank Statement mortgage lenders 37,056
Spartanburg 37,013
Goose Creek 35,938
Aiken 29,524
Myrtle Beach 27,109
Anderson 26,686
Greer 25,515
Greenwood 23,222
Mauldin 22,889
North Augusta 21,348
Easley 19,993
Simpsonville 18,238
Hanahan 17,997
Lexington 17,870
Conway 17,103
West Columbia 14,988
Orangeburg 13,964
Clemson 13,905
North Myrtle Beach 13,752
Bluffton 12,893
Gaffney 12,539
Cayce 12,528
Beaufort 12,361
James Island 11,524
Irmo 11,097
Fort Mill 10,811
Port Royal 10,678
Forest Acres 10,361
Newberry 10,277
Georgetown 9,163
Laurens 9,139
Bennettsville 9,069
Lancaster 8,526
Clinton 8,490
Union 8,393
Seneca 8,102
Moncks Corner 7,885
Fountain Inn 7,799
Hartsville 7,764
York 7,736
Tega Cay 7,620
Marion 6,939
Camden 6,838
Dillon 6,788
Lake City 6,675
Darlington 6,289
Cheraw 5,851
Chester 5,607
Walterboro 5,398
Batesburg-Leesville 5,362
Abbeville 5,237
Central 5,159
Clover 5,094
Barnwell 4,750
Edgefield 4,750
Hollywood 4,714
Mullins 4,663
Travelers Rest 4,576
Walhalla 4,263
Belton 4,134
Isle of Palms 4,133
Manning 4,108
Woodruff 4,090
Ridgeland 4,036
Williamston 3,934
Surfside Beach 3,837
Bamberg 3,607
Honea Path 3,597
Saluda 3,565
Winnsboro 3,550
Denmark 3,538
Allendale 3,482
Bishopville 3,471
Kingstree 3,328
Liberty 3,269
Lyman 3,243
Duncan 3,181
Williston 3,139
Pickens 3,126
Pendleton 2,964
Hardeeville 2,952
Andrews 2,861
Hampton 2,808
McCormick 2,783
Pageland 2,760
Burnettown 2,673
Springdale 2,636
Folly Beach 2,617
Ravenel 2,465
Westminster 2,418
Blackville 2,406
Loris 2,396
Wellford 2,378
Landrum 2,376
Johnston 2,362
Inman 2,321
Timmonsville 2,320
South Congaree 2,306
Pacolet 2,235
McColl 2,174
Ware Shoals 2,170
Cowpens 2,162
Varnville 2,162
St. George 2,084
Pine Ridge 2,064
New Ellenton 2,052
Estill 2,040
Blythewood 2,034
Fairfax 2,025
St. Matthews 2,021
Calhoun Falls 2,004
Ninety Six 1,998
Great Falls 1,979
Ridgeville 1,979
Blacksburg 1,848
Kershaw 1,803
Sullivan’s Island 1,791
Seabrook Island 1,714
Jackson 1,700
St. Stephen 1,697
Gaston 1,645
Kiawah Island 1,626
Johnsonville 1,480
Chesterfield 1,472
Chapin 1,445
Whitmire 1,441
Latta 1,379
Elgin 1,311
Awendaw 1,294
Holly Hill 1,277
Due West 1,247
Meggett 1,226
Pamplico 1,226
Iva 1,218
Prosperity 1,180
Lincolnville 1,139
Yemassee 1,027
Branchville 1,024
Summerton 1,000
Lamar 989
Bowman 968
Santee 961
Quinby 932
Scranton 932
Jonesville 911
Fort Lawn 895
West Pelzer 880
Chesnee 868
McBee 867
Arcadia Lakes 861
Swansea 827
Eastover 813
Norris 813
Lake View 807
Wagener 797
Gray Court 795
Heath Springs 790
Turbeville 766
Cottageville 762
North 754
Jefferson 753
Coward 752
Ridge Spring 737
Mayesville 731
Clio 726
Elloree 692
Harleyville 677
Six Mile 675
Pelion 674
Reidville 601
Gilbert 565
Olanta 563
Society Hill 563
Aynor 560
Brunson 554
Ehrhardt 545
Pinewood 538
Springfield 524
Lane 508
Cross Hill 507
Campobello 502
McClellanville 499
Sharon 494
Lockhart 488
Bonneau 487
Hemingway 459
Briarcliffe Acres 457
Van Wyck 452
Hilda 447
Hickory Grove 440
Greeleyville 438
Carlisle 436
Cameron 424
Edisto Beach 414
Summit 402
Salley 398
Neeses 374
Lynchburg 373
Nichols 368
Ruby 360
Patrick 351
Donalds 348
Norway 337
Atlantic Beach 334
Bethune 334
Ridgeway 319
Eutawville 315
Rowesville 304
Little Mountain 291
West Union 291
Gifford 288
Richburg 275
Snelling 274
Olar 257
McConnells 255
Stuckey 245
Furman 239
Monetta 236
Perry 233
Sellers 219
Central Pacolet 216
Scotia 215
Lowrys 200
Kline 197
Reevesville 196
Trenton 196
Mount Croghan 195
Elko 193
Paxville 185
Woodford 185
Sycamore 180
Pomaria 179
Starr 173
Vance 170
Cordova 169
Waterloo 166
Silverstreet 162
Hodges 155
Blenheim 154
Livingston 136
Salem 135
Rockville 134
Lowndesville 128
Luray 127
Smoaks 126
Windsor 121
Lodge 120
Parksville 117
Williams 117
Pawleys Island 103
Troy 93
Ward 91
Pelzer 89
Ulmer 88
Plum Branch 82
Cope 77
Jamestown 72
Govan 65
Peak 64
Jenkinsville 46
Smyrna 45
Tatum 45


US Mortgage Lenders has an extensive lender network that allows us to provide unique and mortgage solutions. Contact US for the most update information on terms and conditions. All Information on this site Is for example, hypothetical purposes and should NOT be relied on for decision making.
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