--- title: Bank Statement Loans for Self-Employed Borrowers description: Self-employed? 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You already know that getting a mortgage loan is a challenge, even if your business is doing well. Many lenders are so risk-adverse that they only offer traditional "qualified mortgages" with their traditional requirements. There's no consideration of the differences between self-employment income and being on a company payroll. But for the self-employed, there are alternatives in today's market, non-prime loans that recognize the self-employment difference and have developed alternatives for income verification. **Is a Non-Prime right for me?** - 12-24 months of personal and/or business bank statements used in lieu of income tax returns - Average monthly income calculated from total of 12-24 month period - Borrowers with a lower credit rating - Credit scores down to 500 may qualify - Loan amounts up to $1.5 million - Recent credit events such as bankruptcy, short sale, foreclosure and history of late payments are acceptable - Single-family homes, townhouses and condos are allowed - Fixed and Adjustable Rate Programs available **If you're self-employed and need a mortgage, check out a loan product that allows for bank statements to verify income – it may be your best choice.** ## Related Articles [![](https://info.carringtonmortgage.com/hubfs/Newsletter_NAR_Settlement.jpg)](https://info.carringtonmortgage.com/information-center/how-the-nar-settlement-helps-buyers-and-sellers) [Real Estate](https://info.carringtonmortgage.com/information-center/tag/real-estate) [Buying & Selling](https://info.carringtonmortgage.com/information-center/tag/buying-selling) ### [How the NAR Settlement Helps Buyers and Sellers](https://info.carringtonmortgage.com/information-center/how-the-nar-settlement-helps-buyers-and-sellers) The National Association of REALTORS® (NAR) settlement introduces more clarity to real estate transactions by making commission structures clearer and requiring buyer... 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