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Charleston Bank Statement Mortgage Program

Designed for business owners, freelancers, and investors—get approved faster using your bank deposits, not your tax returns.

Bank Statement Loans in Charleston SC: Self-Employed Mortgages Without Tax Returns

Charleston's economy runs on self-employed entrepreneurs, hospitality operators, independent contractors, and small business owners — many of whom show lower taxable income than their actual earnings due to legitimate business deductions. A bank statement loan solves this problem by qualifying you on 12–24 months of actual deposits, not what your CPA wrote off.

No W-2s. No tax returns. No pay stubs. If your deposits demonstrate sufficient income to support the loan, Beaufort Lending can access non-QM wholesale lenders with competitive bank statement programs for primary residences and investment properties in the Charleston market.

No Tax Returns Qualify on Deposits — Not W-2 Income
12 or 24 Mo. Bank Statement History Options
Up to $3M+ Maximum Loan Amounts Available

How Bank Statement Income Is Calculated

Lenders average your monthly deposits over the statement period and apply an expense ratio to arrive at qualifying income. Here's how the two primary methods work:

Personal Bank Statements

100% of deposits are counted as income. Monthly average is used as qualifying gross income. Best for sole proprietors depositing all business revenue into a personal account.

  • 12 or 24 months of statements
  • 100% deposit credit
  • Average monthly deposit = qualifying income

Business Bank Statements

Deposits are discounted by an expense ratio — typically 50% for most service businesses. Lender may use 12 or 24 month average. Best for businesses with a high volume of gross revenue but significant operating expenses.

  • 12 or 24 months of statements
  • 50% expense ratio for most businesses
  • CPA letter can support a lower expense ratio

Benji's Insight: Charleston's Self-Employed Buyer Challenge

Charleston's hospitality and tourism economy produces a large pool of self-employed buyers — restaurant owners, short-term rental operators, contractors, real estate investors — who show strong cash flow but low reported income. The bank statement program exists precisely for this situation. We've closed bank statement loans for Lowcountry borrowers who were turned away by three banks before calling us.

Bank Statement Loan Requirements in Charleston

Borrower Eligibility

  • Self-employed for 2+ years (most lenders)
  • 620+ credit score (640+ preferred)
  • 12 or 24 months bank statements
  • Business license or CPA letter may be required
  • Personal and business accounts both accepted

Loan Structure

  • Primary residence: 10–20% down
  • Investment property: 20–25% down
  • 30-year fixed, ARM, interest-only options
  • Loan amounts up to $3M+
  • Rates higher than conventional (non-QM product)

Self-Employed Charleston Buyers Trust Beaufort Lending

Next Steps for Charleston Self-Employed Buyers

Instant Rate QuoteGet bank statement loan rates based on your deposit history and down payment. Loan CalculatorsModel your payment with estimated qualifying income from your statements. Call the TeamWalk through your specific business income situation with a non-QM expert.

Bank Statement Loan FAQs

What is a bank statement loan and who qualifies in Charleston SC?
A bank statement loan uses 12–24 months of deposit history to calculate qualifying income instead of tax returns. It is designed for self-employed borrowers, business owners, 1099 contractors, and freelancers whose tax returns understate their actual earnings due to deductions.
How is income calculated on a bank statement loan?
For personal accounts, 100% of deposits are counted. For business accounts, lenders apply an expense ratio — typically 50% — to arrive at net qualifying income. A CPA letter can sometimes support a lower expense ratio, increasing your qualifying income. We analyze both account types to find the strongest calculation.
What credit score do I need for a bank statement loan in South Carolina?
Most programs require 620–640 minimum. Scores of 680+ unlock better rates and higher LTV options. We shop multiple non-QM lenders to find the right fit for your credit profile and loan structure.
What down payment is required for a bank statement loan in Charleston?
Primary residence purchases typically require 10–20% down. Investment properties require 20–25%. Rates are higher than conventional products since bank statement loans are non-QM — we'll show you a total cost comparison versus waiting to qualify conventionally.

Self-Employed in Charleston? Let's Find Your Loan.

Don't let your tax write-offs block your homeownership. Beaufort Lending accesses non-QM bank statement programs for Charleston's self-employed buyers and business owners.

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Local Expert: 843-524-2404