Mortgage options like No-Doc loans make it easier for self-employed professionals to buy their dream home.

Are you self-employed and having trouble getting approved for a mortgage? You’re not alone. Many business owners earn solid income but show low numbers on tax returns. The good news is, there are financing options available that don’t rely on traditional documentation. Here’s what you need to know:

No-doc loans. No-doc loans are programs that don’t require tax returns, W-2s, or business financials. Approval is based on credit strength and a minimum 20 percent down payment. If you have good credit and substantial savings, this can be a simple way to purchase a home without all the paperwork.

Bank statement loan. Another option is the bank statement loan, which allows you to qualify based on 12 months of business bank deposits instead of tax returns. An expense factor, usually between 10% and 50%, is applied depending on your business type. Your income is then calculated by averaging the adjusted deposits. If you own only part of the business, your income is adjusted based on your ownership share. Once your income is verified and fits within standard debt-to-income limits, you can move forward with approval.

If you’re self-employed and can’t qualify with tax returns, no-doc and bank statement loans can help you get approved.

Pre-qualification timeframe. The pre-qualification process takes about five business days. During this time, underwriters review your bank statements to determine how much of your income can be used. This helps avoid issues later in the loan process. Once you're pre-approved, you can expect to close in about 30 days, just like a standard mortgage.

These loan programs are ideal for self-employed buyers who have strong cash flow but don’t show high taxable income. If that sounds like you, you don’t have to miss out on buying a home just because your tax returns look low. If you want to see what you qualify for or have questions about the process, feel free to call or text me at (616) 532-7200 or email me at larrymartin.com@gmail.com. I’ll walk you through the options and help you take the next step.