For Wall Township business owners, contractors and others who work for themselves: buy, refinance or borrow against a home with your income shown from bank statements, a profit and loss statement or 1099 forms instead of tax returns. Fidelity Residential is a direct, licensed mortgage lender with a New Jersey office on Route 36 in West Long Branch.
Pick the closest, or call and talk it through.
Fidelity Residential · NMLS #103098 · Equal Housing Lender
Wall Township has about 26,500 residents and about 10,400 homes, according to the Census Bureau’s American Community Survey estimates for 2020 to 2024. An estimated 83.4 percent of occupied homes are lived in by their owners.
Many residents work for themselves. Of about 13,500 employed residents, about 900 work in their own incorporated business, and an estimated 6.1 percent are self-employed in a business that is not incorporated.
Fidelity Residential is a direct mortgage lender licensed in New Jersey under a Residential Mortgage Lender License. Our local office is at 121 NJ-36, Suite 230, West Long Branch.
Source: US Census Bureau, American Community Survey 5-year estimates, 2020 to 2024. Estimates, not counts.
If your tax returns show less than your business really brings in, there are programs that look at bank statements, a profit and loss statement or 1099 forms instead. They have their own rules; ask a loan officer whether one fits.
Your income is worked out from the deposits in your bank statements, personal or business, rather than from your tax returns. A seasonal pattern that repeats each year is fine; you explain any month with no deposits.
Bank statement loans in New JerseyA profit and loss statement for the business, prepared and signed by an independent tax professional, takes the place of tax returns. A statement you prepare yourself is not accepted.
Profit and loss loansFor independent contractors, freelancers and commission earners paid on IRS Form 1099 rather than a W-2. The lender uses the 1099 forms themselves instead of tax returns.
1099 loansNone of these is a stated-income loan: income, credit, assets and the home are all verified, and for a home you live in the lender must make a good-faith decision that you can repay the loan.
Buy a home. Bank statement, profit and loss and 1099 programs can finance a home you buy to live in, and many bank statement programs also allow a second home. See home purchase loans.
Refinance. Bank statement programs allow refinances, including cash-out refinances, within each program’s limits. See refinancing.
Borrow and keep your mortgage. We offer bank statement HELOCs for self-employed borrowers, and some home equity loan programs also accept bank statements, 1099s, a prepared profit-and-loss statement or verified assets. A line or a home equity loan sits behind your first mortgage, which stays exactly as it is. See HELOCs and home equity loans in New Jersey.
Add a co-borrower with a paycheck. With a profit and loss loan, a co-borrower’s wage income can be added to the profit and loss income, documented the usual way with pay stubs and W-2 forms.
Your credit, savings, the appraisal and your debts compared with your income are still checked. Most self-employed borrowers can start with these.
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.
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 the licence on NMLS Consumer Access (opens in a new tab).
Our office is at 121 NJ-36, Suite 230, West Long Branch, NJ 07764. Call 732-686-9999 to talk with a licensed loan officer.
Not with a bank statement loan or a profit and loss loan: the statements take the place of tax returns for your income. With a bank statement loan, tax returns in the file usually mean the loan has to be reviewed as a full-documentation loan, so tell your loan officer which route you want.
Normally a CPA, an IRS enrolled agent or a state-registered tax preparer, who must be independent of the business. A statement you prepare yourself is not accepted.
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.
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.
Get a quote online, or call us and talk it through 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.