Self-employed homeowners in Virginia often have real equity and strong business deposits but tax returns that undersell their income. A bank statement HELOC or home equity loan reads your deposits instead, so you may be able to tap equity without refinancing the first mortgage you already have. Programs vary by borrower, property and investor, and how much you can access depends on your home's value, your mortgage balance and your credit.
Call to talk with a licensed loan officer. Programs vary by borrower, property and investor.
Lenders often confirm that your business is active. In Virginia, business entity records are searchable through the Virginia State Corporation Commission, Clerk's Office. If a CPA prepares your expense letter or P&L, the lender may check the license with the Virginia Board of Accountancy.
Where the numbers point in Virginia
Counties with the most home equity lines of credit opened (2024):
| County | Home equity lines of credit opened (2024) |
|---|---|
| Fairfax County | 3,768 |
| Loudoun County | 2,188 |
| the City of Virginia Beach | 2,060 |
| Prince William County | 1,765 |
| Chesterfield County | 1,464 |
| Henrico County | 1,200 |
| the City of Chesapeake | 1,148 |
| Stafford County | 682 |
| Hanover County | 656 |
| the City of Newport News | 645 |
Start your application in a few minutes. A licensed loan officer reviews it and follows up with your options.
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Prefer to talk first? Call (888) 508-8976. Applying is not a loan approval or commitment to lend; programs vary by borrower, property and investor. ClearPoint Mortgage Advisors, NMLS #173855. Properties in FL, NY, NJ, PA, CT and VA only.
Local pages in Virginia
- Bank statement loans in Virginia Beach
- Bank statement loans in Richmond
- Bank statement loans in Chesapeake
- Bank statement loans in Norfolk
- Bank statement loans in Arlington
- Bank statement loans in Roanoke
- Bank statement loans in Newport News
- Bank statement loans in Fredericksburg
- Bank statement loans in Alexandria
- Bank statement loans in Hampton
- Bank statement loans in Lynchburg
- Bank statement loans in Charlottesville
- Bank statement loans in Portsmouth
- Bank statement loans in Suffolk
- Bank statement loans in Blacksburg
- Bank statement loans in Williamsburg
- Bank statement loans in Winchester
- Bank statement loans in Centreville
- Bank statement loans in Dale City
- Bank statement loans in Harrisonburg
- Bank statement loans in Reston
- Bank statement loans in Staunton
- Bank statement loans in Leesburg
- Bank statement loans in Ashburn
- Bank statement loans in Tuckahoe
- Bank statement loans in McLean
- Bank statement loans in Danville
- Bank statement loans in Lake Ridge
- Bank statement loans in Annandale
- Bank statement loans in Burke
Common questions
Can I use a bank statement HELOC for my business?
Many self-employed owners use home equity for business needs, such as equipment, inventory or bridging slow months. Lenders may ask how you plan to use the funds, and some programs have rules about business-purpose borrowing. Keep in mind that your home secures the debt. For questions about how the interest is treated for tax purposes, talk to a tax professional.
Can I get a HELOC if I am self-employed with low taxable income?
You may qualify through a bank statement HELOC. Instead of relying on tax returns, these programs review 12 or 24 months of personal or business statements and apply an expense factor or an expense letter to estimate your income. That approach can help when write-offs make your returns look thin. Programs vary by borrower, property and investor, and all are subject to credit approval.
What is the difference between a bank statement HELOC and a home equity loan?
A HELOC is a revolving line: you draw what you need during the draw period, and the rate is usually variable. A home equity loan pays one lump sum up front with a set repayment schedule. Both are second liens documented with bank statements, and both leave your first mortgage in place. The right choice depends on whether your need is ongoing or one-time.
Other non-QM options in Virginia
Bank statement loansNon-QM lendersSelf-employed1099 loansP&L loansAsset depletionNo-doc / stated incomeNew self-employedITIN loansForeign nationalNon-warrantable condoInterest-only
Related guides
- What Is a Bank Statement Loan and How Does It Work?
- How Tax Write-Offs Affect Your Mortgage Qualifying Income
- How to Compare Non-QM Loan Offers: Loan Estimates, Features and Fit
Bank Statement HELOCs & Home Equity Loans overview · Virginia non-QM overview
- 2024 HMDA data