Self-employed borrowers in Virginia run into the same hurdle as business owners everywhere: the tax return that keeps their tax bill reasonable can make their income look thin to a mortgage underwriter. Whether you own a storefront, consult from home or run a crew, you may be eligible for a full-doc loan, an alternative-doc loan, or both. Comparing the two routes for a Virginia property shows which documentation method reflects your income more fairly. Most owners already have both sets of records on hand.
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 self-employed workers:
| County | Self-employed workers |
|---|---|
| Fairfax County | 57,417 |
| Prince William County | 21,123 |
| the City of Virginia Beach | 20,909 |
| Loudoun County | 20,300 |
| Chesterfield County | 15,040 |
| Henrico County | 14,968 |
| the City of Chesapeake | 10,197 |
| Arlington County | 10,076 |
| the City of Richmond | 9,755 |
| the City of Alexandria | 7,245 |
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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 business funds for my down payment?
Many programs allow it, but lenders usually want to confirm that withdrawing the money will not harm the business. That may mean a CPA or tax preparer letter, a cash flow review, or simply showing the business has enough left after the withdrawal. Moving funds into a personal account well ahead of applying can make sourcing simpler. Ask your loan officer how they handle it.
Do self-employed mortgage lenders require a larger down payment?
On agency full-doc loans, down payment expectations are generally the same as for salaried borrowers. On non-QM alternative-doc loans, lenders may expect a larger down payment or more reserves because the loan carries more risk. Exact requirements vary by borrower, property and investor, so ask each lender to spell out what they would need from you.
Are self-employed mortgage rates higher?
Not always. If you qualify on a full-doc loan that meets agency guidelines, pricing is similar to any other borrower with the same credit and equity. Alternative-doc non-QM loans often price higher because they carry more risk for the investor. Comparing Loan Estimates for both routes is the clearest way to see the difference for your situation.
Other non-QM options in Virginia
Bank statement loansNon-QM lenders1099 loansP&L loansAsset depletionNo-doc / stated incomeNew self-employedITIN loansForeign nationalNon-warrantable condoBank statement HELOCInterest-only
Related guides
- How to Get a Mortgage When You Are Self-Employed
- Self-Employed Mortgage Requirements: The Full-Documentation Route
- How Tax Write-Offs Affect Your Mortgage Qualifying Income
Self-Employed Mortgages overview · Virginia non-QM overview
- Census ACS 2020-2024, table B24080