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.
A worked example, in words. Say you run a contracting business in Monmouth County, and customers pay into the business account.
- The statements. You send one or two years of consecutive monthly business statements, every page.
- What is taken out. Deposits that are not business income are removed: transfers from your other accounts, refunds and loan money.
- The business’s costs. A standard expense allowance comes off the business deposits. If your real costs are lower, a CPA, an enrolled agent or a licensed tax preparer who knows the business can state the real expense share in a signed letter, and programs use that instead.
- The monthly figure. What is left is averaged by month and multiplied by your share of the business.
- The review. The underwriter checks whether deposits are rising or falling, counts any returned payments, and asks for a short letter on any large deposit.
If instead the business pays you into a separate personal account, the deposits there are usually counted in full, with no expense allowance, because the business paid its costs before paying you.
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.
Be ready
What you need for a bank statement loan in New Jersey
You need to be self-employed, usually for two years. Your credit, housing payment history, savings, the appraisal and your debts compared with your income are still checked, and for a home you live in the lender must find that you can repay the loan. Most borrowers can start with these.
- Complete bank statements for one or two years of consecutive months, every page, as your bank issues them, not a transaction printout
- Recent business statements showing the transfers to you, if you use personal statements
- Proof of the business, such as a letter from your CPA or tax preparer, an operating agreement, a business license or a state filing
- A short description of what the business does, where it works from and how many people it employs
- An expense letter or profit and loss statement, if you use one, signed and dated by the preparer
- A note on any large deposit and on any month that looks unusual, such as a quiet winter month
- Statements for the down payment, closing costs and savings after closing
- Photo identification for each borrower
Do not send tax returns unless your loan officer asks: in most programs, tax returns in the file turn the loan into a full-documentation loan. Paid on 1099 forms instead? See bank statement or 1099 loan.
Bank statement loan requirements at a glance
Programs differ, and the figures below do not all apply to the same loan.
- Credit scores from 600 in some programs; a lower score usually means a larger down payment.
- Every bank statement program starts the same way: add up the eligible deposits over 12 or 24 months and divide by the number of months.
- The standard expense allowance. Business deposits still have to pay the business’s costs, so a share is taken off before the rest counts as your income. Many programs take a fixed half; the most generous set the share by the kind of business and its staff: for a service business, 15% with no employees, 30% with one to five and 50% with more than five; for a business that sells goods, 25% with no employees, 50% with one to five and 85% with more than five.
- An expense letter. If your business spends less than the standard allowance, a CPA, an enrolled agent or a licensed tax preparer who knows the business can state its real expense share in a signed letter. Programs use that share instead, but not below 10%, and the underwriter has to find it reasonable for your line of work.
- Returned payments and overdrafts. Each one is counted. Most programs accept up to three in 12 months, several up to six when none fell in the last three months, and a few up to twelve, each with an explanation.
- Large deposits. A single deposit above half of your average monthly deposits usually needs a short letter explaining it and showing that it fits your business; a few programs only ask above a full month’s average.
The figures above are as of 29 October 2026 and will be reviewed by 29 November 2026. They are program limits, not an offer or a loan decision; programs change their terms without notice, and your loan depends on credit, income, the home and underwriting review.
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.
Can I get a mortgage with bank statements in New Jersey?
Yes, for self-employed borrowers. Bank statement loans are for business owners and other self-employed borrowers, usually with two years of self-employment, and some programs accept a shorter record with past work in the same line. You give complete monthly statements, personal or business, with proof the business exists and a short description of it. Your credit, savings, the appraisal and your debts are still checked. See what to prepare.
Should I use one year or two years of statements?
Both are widely accepted. If your deposits have been rising, one year gives the higher average; if they have been steady, or an earlier year was stronger, two years smooths the figure out. When deposits are falling, programs use the more recent year anyway. The bank statement income calculator shows both.
What happens to a large deposit?
You write a short letter explaining it. If it fits your business, it counts; if it cannot be explained or does not fit, it is left out. Transfers from your own accounts, refunds, loan money and gifts are never counted as income.
Do overdrafts or returned payments rule me out?
Not on their own, but each one is counted, and many of them, or recent ones, can make a program unavailable. An overdraft covered automatically from your own linked account, with no fee, usually does not count.
Can I buy a Shore second home or a rental with a bank statement loan?
Many programs allow a second home, and some allow a rental property. If the rental’s own rent can carry the payment, a DSCR loan uses the rent instead of your income, for business purposes only.
Can I refinance or take cash out?
Yes. Bank statement programs allow refinances, including cash-out refinances, within each program’s limits.
What if I have had a bankruptcy or foreclosure?
Programs set a waiting period after a bankruptcy, foreclosure or short sale, and the period differs by program. Tell your loan officer the dates so the right program can be chosen.
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.