Self-Employed? How to Buy a Home in St. George With a Bank Statement Loan
By Daniel Paris, Utah Mortgage Broker, NMLS #243976 | 27+ years of mortgage lending experience | Last updated: October 8, 2026
Yes, you can buy a home in St. George if you’re self-employed. A bank statement loan in St. George, Utah lets eligible borrowers qualify using 12 or 24 months of personal or business bank deposits instead of tax returns. Write-offs that save you money in April can make taxable income look too low for a conventional mortgage.
I’m Daniel Paris, a mortgage broker with Utah Low Rate, and bank statement loans are one of my specialties. This guide explains the St. George housing market, how bank statement income is calculated, typical requirements, and a game plan for buyers in St. George, Washington, Santa Clara, Ivins and Hurricane. Local Realtor Nick Rastopchin of Equity Real Estate (St George) can help with your Washington County home search.
St. George housing market update: October 2026
St. George buyers have more inventory to compare and room to discuss seller concessions. The September market report from Best Utah Real Estate shows lower median sale prices than a year earlier and a median 55 days on market. Higher mortgage rates remain an affordability challenge.
| Measure | Latest figure | Source |
|---|---|---|
| Median sale price, September 2026 | $477,000 | Best Utah Real Estate |
| Median days on market | 55 days | Best Utah Real Estate |
| Sale-to-list price ratio | 98.12% | Best Utah Real Estate |
| Median list price | $525,000 | Best Utah Real Estate |
| Active listings at September month-end | 1,068 | Best Utah Real Estate |
| 30-year fixed national average, October 1, 2026 | 7.28% | Freddie Mac PMMS |
| 15-year fixed national average, October 1, 2026 | 6.60% | Freddie Mac PMMS |
What this means for buyers: homes selling below list and taking longer to sell may give prepared buyers room to ask for a price reduction, seller-paid closing costs or a rate buydown. Results vary by neighborhood, property and seller. Days on market should not be confused with the time from contract to closing.
What this means for rates: bank statement loans often cost more than conventional financing, so compare rates, fees, points and monthly payments across programs. Freddie Mac’s survey covers conventional conforming purchase loans for borrowers with excellent credit and 20% down; it is a benchmark, not a bank statement loan quote. Get today’s Utah mortgage rate options.
How a bank statement loan works for self-employed buyers
A bank statement loan uses eligible deposits to calculate qualifying income. It is a non-QM mortgage option for business owners, 1099 contractors and other self-employed borrowers whose documented cash flow is stronger than the income shown on tax returns.
The lender reviews 12 or 24 months of statements and excludes deposits that are not qualifying income, such as transfers between your accounts or loan proceeds. Business-account deposits usually have an expense factor applied to estimate income available after business expenses.
Example for illustration:
- Average monthly eligible business deposits: $20,000
- Illustrative expense factor: 75%
- Estimated qualifying monthly income: $15,000
That owner might show only $4,000 a month on tax returns after write-offs. Expense factors vary by lender and business type. Some programs accept additional documentation of actual business expenses, such as an eligible CPA letter or profit-and-loss statement. The lender decides what documentation it accepts.
Personal or business statements? Both may work. Some programs count eligible personal deposits without a separate business expense factor, but transfers, non-income deposits and double-counted income must still be excluded. Business statements usually require an expense adjustment. Daniel Paris compares the available paths to see which supports your approval and budget. Read the Utah bank statement mortgage questions and answers.
Bank statement loan requirements in Utah
Requirements vary by lender, credit profile, loan size and property. The ranges below are a starting point for a conversation, not guaranteed terms. The lowest credit score and smallest down payment generally do not apply together.
| Requirement | Common program considerations |
|---|---|
| Bank statements | 12 or 24 consecutive months, personal or business |
| Time self-employed | Usually 2 years; some programs accept 12 months with additional history |
| Credit score | Some programs consider scores around 620–660; stronger scores can expand options |
| Down payment | Some programs offer 10% down with qualifying credit; 15%–25% or more may apply |
| Cash reserves | Often several months of housing payments; requirements vary by program |
| Loan amounts | Standard and jumbo loan sizes, depending on lender |
| Occupancy | Primary residence, second home and some investment properties |
Reserves are funds you retain after paying the down payment and closing costs. A lender may measure them using principal, interest, property taxes, insurance and association dues. Ask how many months your specific scenario needs and which accounts qualify.
When a conventional loan might be better: if your tax returns show enough qualifying income, conventional or FHA financing may offer a lower total cost. Compare both paths before choosing a bank statement program. For related guidance, visit Utah Low Rate.
A game plan for self-employed buyers in St. George
Document your income before shopping so you can make offers with a clear budget and realistic financing terms.
- Gather statements. Pull 12–24 consecutive months and every page from the account being reviewed. Keep records explaining large deposits and transfers.
- Get a self-employed preapproval. Daniel reviews statements, credit, debts and reserves, then compares available programs. Start your mortgage application.
- Set a payment budget. Include taxes, insurance, HOA dues and any mortgage insurance. Review rates and closing costs rather than focusing only on the purchase price.
- Choose your area with a local Realtor. Compare Little Valley, Desert Hills and Bloomington Hills with Washington, Santa Clara, Ivins and Hurricane. Prices, association costs and property features differ.
- Discuss seller concessions. Ask about closing-cost credits or a temporary or permanent rate buydown. Program limits and seller willingness determine what is possible.
- Review future refinancing options. Refinancing is subject to future rates, equity and qualification. Ask about prepayment terms before committing; do not rely on a future refinance to make today’s payment affordable.
Your St. George home-buying team
Daniel Paris | Mortgage Broker, Utah Low Rate
- Specialties: bank statement loans, jumbo, DSCR, conventional, FHA and VA loans
- 27+ years of mortgage lending experience | NMLS #243976
- Serving Utah, including St. George and Washington County
- Phone: 801-604-4949
- Website: UtahLowRate.com
Nick Rastopchin | Realtor, Equity Real Estate (St George)
- Helping buyers and sellers in St. George and Washington County
- Utah real estate license: 10389580-SA
- Phone: 435-319-0989
- Website: HousesInStGeorge.com
Daniel handles income documentation and mortgage comparisons. Nick can help you find a home, prepare an offer and negotiate purchase terms. Coordinate financing and the home search early so both fit your goals.
Frequently asked questions
Can I buy a house in St. George, Utah if I’m self-employed?
Yes. Eligible self-employed buyers can qualify using 12 or 24 months of bank statements instead of tax returns. Approval depends on income, credit, debts, down payment, reserves and the property. Call Daniel Paris at 801-604-4949 to review your options.
How much do I need to put down on a bank statement loan?
Some programs offer 10% down with qualifying credit. Lower scores, larger loans and certain property types may require 15%–25% or more. Ask for the requirements that apply to your scenario.
What credit score do I need for a bank statement loan?
Some programs consider scores around 620–660, while others require higher scores. Stronger credit can improve pricing and down payment options. Minimum scores depend on the lender and loan details.
Is now a good time to buy a home in St. George?
The September 2026 report shows more inventory and homes selling below list price on average. That may help prepared buyers negotiate. Whether buying makes sense depends on your payment budget, available cash and plans for the home.
Do bank statement loans have higher interest rates?
They often cost more than conventional loans. Compare interest rates, APR, points, fees and any prepayment terms across available programs before deciding.
Who can help me with a self-employed home purchase in St. George?
Call mortgage broker Daniel Paris at 801-604-4949 for financing and Realtor Nick Rastopchin of Equity Real Estate (St George) at 435-319-0989 for your home search.
Ready to buy in St. George while self-employed?
Start with a mortgage review. Call Daniel Paris at 801-604-4949 or apply online at Utah Low Rate. For your home search, call Nick at 435-319-0989 or search St. George homes for sale.
Sources: Best Utah Real Estate: September 2026 St. George market report, updated October 5; Freddie Mac PMMS, October 1, 2026; Equity Real Estate: Nick Rastopchin. Market figures can change as data is updated.
Daniel Paris, NMLS #243976 | Utah Low Rate, 512 East Winchester Street, Murray, UT 84107 | NMLS Consumer Access. Equal Housing Opportunity. Educational information, not a commitment to lend. Programs, rates and requirements change and are subject to borrower qualification, property eligibility and underwriting approval. Last updated: October 8, 2026.
