Bank Statement Mortgages for Heber City and the Wasatch Back

Self-employed borrowers purchasing homes in Heber City and the Wasatch Back may have strong business cash flow even when traditional tax-return calculations produce lower qualifying income.

A bank statement mortgage in Heber City may provide an alternative.

Depending on the selected program, eligible deposits from personal or business bank statements can potentially be used to establish qualifying income.

UtahLowRate.com works with qualifying borrowers throughout Heber City, Midway, Jordanelle, Hideout, Kamas and surrounding Wasatch Back communities.

Who May Consider a Heber City Bank Statement Loan?

Potential borrowers include:

  • Small-business owners
  • Contractors
  • Realtors
  • Entrepreneurs
  • Consultants
  • Medical professionals
  • Attorneys
  • 1099 earners
  • Construction business owners
  • Online business operators
  • Other self-employed professionals

How Income May Be Documented

Depending on program guidelines, an investor may evaluate:

12 months of statements
or
24 months of statements

The lender identifies recurring eligible deposits and applies the applicable expense methodology.

Business revenue is not automatically treated as personal income.

Heber, Midway and Wasatch Back Property Financing

The Wasatch Back contains a wide range of property values and borrower profiles.

Some transactions may involve standard loan amounts, while higher-priced residences near resort and mountain communities can require jumbo financing.

For self-employed borrowers, that sometimes means solving two issues simultaneously:

alternative income documentation + higher loan amount.

Select jumbo bank statement programs may address that combination.

Bank Statement Loans for Primary, Second and Investment Homes

Depending on investor guidelines, programs may be available for:

Primary Residences

Owner-occupied homes can potentially qualify.

Second Homes

Certain investors permit eligible second homes.

Investment Properties

Some bank statement programs allow qualifying investment properties.

Investors should also compare DSCR financing when rental cash flow is the primary qualification consideration.

How Much Can Be Used as Income?

There is no universal deposit percentage.

For example, a program might apply a 50% business expense factor.

Another investor may approve a different methodology.

Select qualifying programs may result in approximately 75% of eligible deposits being considered when supported by applicable guidelines.

See Bank Statement Loan Income Calculator for examples.

Bank Statement Loan Requirements

Borrowers should generally expect underwriting to evaluate:

  • Bank statement history
  • Business activity
  • Credit
  • Assets
  • Down payment
  • Reserves
  • Debts
  • Property
  • Appraisal
  • Occupancy
  • Loan amount

See Bank Statement Loan Requirements for the complete guide.

Why Review Statements Before Shopping?

A borrower may see $40,000 per month flowing through a business account but that does not necessarily mean the lender will use $40,000 as qualifying income.

Calculating income before making an offer can establish a more realistic purchasing range.

Heber City Bank Statement FAQ

Can I qualify with one year self-employed?

Certain investors may consider approximately one year of self-employment under qualifying circumstances.

Can I buy in Midway using a bank statement loan?

Potentially, subject to property and borrower qualification.

Can bank statement financing be jumbo?

Yes, select programs provide jumbo bank statement financing.

Can I use business accounts?

Certain programs permit business bank statements.

Are bank statement loans only for home purchases?

No. Select programs also provide refinance options.

Discuss Your Wasatch Back Mortgage

Daniel Paris
Utah Mortgage Broker
NMLS #243976
UtahLowRate.com
801-604-4949

Return to Bank Statement Mortgage Loans Utah for the statewide guide.

All financing is subject to underwriting and program availability.