Owners and sole proprietors
Monmouth County business owners, consultants and other self-employed professionals whose write-offs keep their taxable income low. Most programs look for an established business.
New Jersey
Bank statement loans in New Jersey
A bank statement loan is a mortgage for self-employed borrowers that works out your income from the deposits in your bank statements rather than from your tax returns. We offer them to business owners across Monmouth County, the Jersey Shore and the rest of New Jersey.
- Direct, licensed mortgage lender
- NMLS #103098
- Equal Housing Lender
Start with your deposits
See how your statements could be read, then talk it through.
Fidelity Residential · NMLS #103098 · Equal Housing Lender
Local lender
Why work with a New Jersey lender
Fidelity Residential is a direct mortgage lender licensed in New Jersey under a Residential Mortgage Lender License. Our New Jersey office is at 121 NJ-36, Suite 230, West Long Branch, and our licensed branch is at 1 Yorktowne Drive, Manalapan (branch NMLS ID #2103558).
Self-employed income takes some explaining: how money moves between your business and personal accounts, what a large deposit was for, why one month was quiet. A licensed loan officer who works with Monmouth County business owners can go through your statements with you before an underwriter sees them.
Who it suits
Who it suits in New Jersey
Self-employed borrowers whose tax returns show less than the business really brings in.
Builders and tradespeople
Contractors and trades who run their own business and are paid into a business or personal account. If you are paid on 1099 forms instead, a 1099 loan may fit better.
Shore businesses with a season
Shore businesses whose deposits rise in summer and slow in winter. A seasonal pattern that repeats each year is fine; you explain any month with no deposits.
How it works
How a bank statement loan works
- Statements in place of tax returns. You send complete monthly statements, personal or business, every page, with proof the business is open and a short description of it.
- Deposits become income. Eligible deposits are added up, transfers and other non-business money taken out, an expense allowance applied to business statements, and the rest averaged by month.
- The pattern is reviewed. The underwriter looks at whether deposits are rising or falling, at any returned payments, and at large deposits, which need a short letter.
- The rest of the file as usual. Credit, savings, the appraisal and your debts compared with your income are all checked. It is not a no-document loan.
Want the detail? Our bank statement loan guide covers personal and business statements, expense letters and what to prepare, and the bank statement income calculator shows how the deposits you enter would be read, step by step.
Questions
Questions from New Jersey business owners
Do you lend on bank statement loans in New Jersey?
Yes. Fidelity Residential is a dba of PFN Lending Group, Inc. (NMLS #103098), which holds a New Jersey Residential Mortgage Lender License. You can check it on NMLS Consumer Access (opens in a new tab).
Where are you located?
Our office is at 121 NJ-36, Suite 230, West Long Branch, NJ 07764, and our licensed branch is at 1 Yorktowne Drive, Manalapan, NJ 07726. Call 732-686-9999 to talk with a licensed loan officer.
My Shore business is seasonal. Does that count against me?
Not on its own. Deposits are averaged by month, and a seasonal pattern that repeats each year is fine. Months with no deposits need a short explanation, and a fall in deposits over the period can mean the more recent months are used.
Do I need to send my tax returns?
No. The statements take their place for your income. If tax returns go into the file, the loan usually has to be reviewed as a full-documentation loan, so tell your loan officer which route you want.
Should I use personal or business statements?
It depends on how your money moves. If the business pays you into a separate personal account, personal statements are often simpler; if customers pay into one account for everything, it is treated as a business account. A loan officer can compare both.
Talk about a bank statement loan in New Jersey
Get a quote online, or call and go through your statements with a licensed loan officer.
This page is general information, not a commitment to lend. Programs, terms and eligibility depend on credit, income, property and underwriting review and are subject to change without notice.
Reviewed by Robert Shamie, CEO, NMLS #241428 · Last reviewed:
Fidelity Residential (PFN Lending Group, Inc., NMLS #103098) is a direct mortgage lender licensed in 40 states and the District of Columbia, with 26 years in business.