For bank statement only mortgage applicants the thought of paying income taxes makes their spine tingle. While everyone knows that income taxes are paid to the IRS (Internal Revenue Service) each year, the process of taxation itself can be confusing to many as they try to show no income. There are various factors that affect how your personal income is taxed, as well as how much you write off, how much you claim for income and how much tax you end up paying to the government or receiving back as a tax refund. For most self-employed they are writing off almost all of their income making it tough to qualify for a mortgage loan.


Bank Statement Mortgage Lenders – NO TAX RETURNS NEEDED!

Self Employed Mortgage Lenders offers a 12 & 24-Month Bank Statement Loan Program.

Borrower Employment Types:

  • Self-employed
  • 1099
    o Must provide business license, Tax Preparer’s letter or corporate paperwork.

Self Employed Mortgage Lenders will accept Personal or Business Bank Statements.  However, qualifying income will be calculated differently. Click here for calculation form.

Personal Bank Statements:  100% of Deposits

Add all deposits for all 12 or 24 months and divide that amount by 12 or 24 respectively to receive the monthly income amount we will apply as the borrower’s qualifying income.

Ex. 24 months deposits total = $200,000 / 24 = $8,333 a month income.

Ex. 12 months deposits total = $100,000 / 12 = $8,333 a month income.

3 OPTIONS FOR Business Bank Statements: 

  1. Option 1 Use: 50% of Deposits no questions asked in regards to expenses.
  2. Option 2. Provide a signed and dated profit and loss statement.
  3. Options 3. Provide Accountant or CPA Expense ratio letter. ABC Comapny has a 30% expense ratio for the past 24 month ending x date.

Add all deposits for all 12 or 24 months, divide by 2, and then divide by 12 or 24 respectively to receive the monthly income amount we will allow for the borrower.

Ex. 24 month deposit total = $500,000 / 2 = $250,000 / 24 = $10,333 per month income. Only 50% is used because we have to assume the business has overhead.

Details of the No Tax Return Loan Program:

No Tax Returns Needed Personal & Business Bank Statement Guidelines

  • Only business deposits can be used
  • Transfers are NOT counted on personal and case-by-case for business.
  • Must have 12 or 24 consecutive months of business or personal statements (no gaps)
  • Must provide All pages (even the last pages with advertising)
  • Cannot comingle (use two different accounts) statements**
  • If the account was used and closed and new account for the remainder of statements must show the closing of old account and the opening of a new account

Business Bank Statements Transfers may be accepted for business statements when they come from credit card clearing houses (examples: Paypal, Square, AMEX, etcetera).  Reviewed for acceptance on a case-by-case basis, and must be considered normal for the company.

Multiple business bank statement accounts are considered on a case-by-case basis when (a) one account is closing and reopening new account, or (b) for Business accounts that are two different and autonomous businesses.

The United States government needs a lot of money in order to function and fund its numerous foreign and domestic programs. Americans are becoming more and more aware of how their tax dollars are spent, but many are still intimidated by the complexities of the taxation process. In a nutshell, individuals are expected to report their yearly income and pay taxes accordingly.

The money collected from income taxes goes towards federal education programs, the U.S. military, welfare programs, and various agencies (such as the EPA and FDA). Both individuals and companies are required to remit a portion of their income to the federal government on an annual basis. If/when politicians decide that more money is needed for certain programs, they often raise income taxes to pay for them.

While legislators construct and implement tax laws, the IRS is the federal agency in charge of enforcing those tax laws and collecting the taxes. The IRS also provides assistance to taxpayers who have questions, concerns, or issues with their tax situation. Due to advancements in technology, many tax preparation and filing services are available online.

Tax Rates & Income Tax Brackets

The amount of income tax that you owe each year is based on your income level. The United States currently uses a progressive income tax system from which means that the more money you earn, the more taxes you have to pay. Fortunately, many self-employed mortgage applicants can reduce your income tax liability by using various tax credits, tax deductions, tax exclusions, and other business tax write-offs and tax breaks to reduce their taxable income.

For the majority of individuals apply to the “Pay-As-You-Go” tax system, which means that their income tax is deducted from each monthly or weekly from each paycheck and sent to the IRS. This is also referred to as withholding tax. If you are self-employed mortgage applicant, the IRS expects you to pay income tax on a quarterly basis (typically in equal installments every 3 months).

At the end of the tax year, if your payments were not enough to cover the total income tax due, you must pay the rest to the IRS. Conversely, if you paid too much over the course of the year (more than what you owe in income tax), the IRS will send back your excess payment know as  your tax refund.

Your marginal tax bracket is the highest tax rate that you will pay on your income. 

Rate Individuals Married Filing Jointly
12% $9,526 to $38,700 $19,051 to $77,400
22% 38,701 to $82,500 $77,401 to $165,000
24% $82,501 to $157,500 $165,001 to $315,000
32% $157,501 to $200,000 $315,001 to $400,000

The marginal tax bracket system is a gradual tax schedule, which basically translates to this: as you make more money, you pay more tax. The amount of taxable income that you earn determines which tax bracket(s) you fall into. While it is the goal of many taxpayers to keep their income in the lower tax bracket, remember that the gradual tax schedule ensures that not all of your income is taxed at a higher rate.

For example, if you move from the 24% tax bracket to the 32% tax bracket, you may think that all of your income is taxed at that higher rate. However, only the money that you earn within the 32% bracket is taxed at that rate.

Income Tax Returns

There are several different types of individual income tax return forms issued by the IRS. You must use the tax form that corresponds with your particular situation and allows you to claim the income, deductions, credits, etc. that apply to you.

The most common types of income tax returns include the following:

  • Individual Tax Return
  • Form 1040 Instructions
  • Instructions for Form 1040
  • Form W-9
  • Request for Taxpayer Identification Number (TIN) and Certification
  • Form 4506-
  • Request for Transcript of Tax Return
  • Form W-4
  • Employee’s Withholding Allowance Certificate
  • Form 941
  • Employer’s Quarterly Federal Tax Return
  • Form W-2
  • Employers engaged in a trade or business who pay compensation
  • Form 9465
  • Installment Agreement Request

Most U.S. citizens will need to file a federal income tax return every year and determine how much they owe in federal income tax. While the majority of people are required to file and pay income taxes, there are certain low-income earners (as well as children) who are exempt. You will most likely have to file an income tax return, but you should check the IRS’s filing requirements before you proceed.

Most people can simply review their W-2s (Wage and Tax Statements) to determine their annual income, although this can get slightly more complicated if you have worked more than one job during the year.

State Income Taxes

Many of the states have income taxes are separate from the federal tax laws enforced by the IRS. Are State taxes levied by each individual state government? there is no system that encompasses the separate taxes for all 50 states. For this reason, state taxes will vary based on where you live, shop, invest, work, and conduct business. State taxes may be administered by a department of revenue, department of taxation, state treasurer, or state comptroller.

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