South Carolina Bank Statement Loans for Self-Employed Borrowers

South Carolina’s economy has diversified significantly, but self-employment has always been part of the fabric. Charleston’s restaurant, hospitality, and real estate scenes are full of independent operators. Greenville and the Upstate have a growing manufacturing contractor base. Myrtle Beach and Hilton Head run on tourism businesses — vacation rental managers, golf course operators, charter boat captains, and seasonal retailers. Columbia’s government-adjacent economy supports a range of consultants and contractors.

If you own a business in South Carolina and your tax return doesn’t reflect your real earnings, a bank statement loan lets you qualify on deposit activity instead.

Talk to a Loan Specialist — (833) 350-9185

What Is a Bank Statement Loan?

A bank statement loan is a non-QM mortgage that uses your bank deposits to verify income instead of tax returns, W-2s, or pay stubs. The lender reviews 12 or 24 consecutive months of statements and calculates qualifying income from your deposits. It’s fully documented — just using bank records rather than IRS filings.

Learn more about how bank statement loans work →

Who Uses Bank Statement Loans in South Carolina?

These programs are built for borrowers with strong income that conventional paperwork undersells:

Restaurant and hospitality owners — Charleston’s nationally recognized food scene is dominated by independent operators
Tourism and vacation rental operators — Myrtle Beach, Kiawah Island, and Hilton Head property managers and business owners
Construction contractors — residential builders and renovators in Charleston, Greenville, and the Lowcountry
Real estate agents and investors — commission earners and rental property owners across the state’s growing markets
Medical practice owners — doctors, dentists, and veterinarians in private practice
Manufacturing and industrial contractors — independent operators supporting Greenville-Spartanburg’s automotive and aerospace manufacturing
Marine businesses — boat dealers, fishing charters, and marina operators along the coast

Two years of self-employment and consistent deposits are the starting qualifications.

How Income Is Calculated

The approach depends on whether you provide personal or business bank statements.

Personal bank statements: Lenders generally count 100% of deposits, since personal accounts reflect money after business expenses.

Business bank statements: An expense factor — typically 50% — is applied to account for operating costs. A CPA letter documenting lower actual expenses can sometimes reduce this percentage.

Example: A Charleston restaurant owner with average monthly business deposits of $42,000 and a 50% expense factor would qualify on $21,000/month — $252,000/year. Their tax return, after food costs, staff wages, rent, insurance, and equipment, might show $110,000. That gap makes a real difference when qualifying for a mortgage in Charleston’s competitive market.

South Carolina Bank Statement Loan Requirements

Guidelines vary by lender, but typical requirements include:

Credit score: 620 minimum; better rates at 700+
Down payment: 10% minimum for primary residence; 20–25% for investment properties
Self-employment: 2+ years in the same business or industry
Bank statements: 12 or 24 consecutive months, personal or business
Reserves: 3–12 months of mortgage payments in liquid assets
DTI: Up to 50% based on bank statement income
Loan amounts: Up to $3M+ (important for Charleston, Kiawah, and Hilton Head luxury markets)

Frequently Asked Questions

Yes. Bank statement loans cover investment properties, including those used as short-term vacation rentals. Myrtle Beach, Hilton Head, and the Charleston coast are popular markets for this. If you’d rather qualify based on the property’s rental income instead, check our DSCR loan program.

Yes, the program is available statewide — Charleston, Greenville, Columbia, Myrtle Beach, and everywhere in between. Properties just need to meet standard appraisal criteria.

It does. The 24-month program is the better fit for seasonal businesses because it averages deposits across a longer window. If your income peaks in summer and drops in winter, two years of data gives the lender a fair view of your annual earning capacity.

While 620 is the minimum, you’ll see meaningfully better rates and terms at 700+. The difference in rate between a 650 and a 740 can be significant — worth improving your score before applying if you’re on the borderline.

Yes. Rate-and-term and cash-out refinances are both available. Cash-out refinancing is particularly popular with South Carolina business owners who want to access home equity for business investment or additional property purchases.

Get Started

Ready to explore bank statement loan options in South Carolina? Contact us at (833) 350-9185 or apply online.

South Carolina Bank Statement Loans (No Tax Returns) | Self-Employed Mortgage