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

Virginia bank statement loans let self-employed borrowers qualify using 12 or 24 months of bank deposits instead of tax returns. Available for purchase and refinance statewide.

Virginia Bank Statement Loans for Self-Employed Borrowers

Virginia’s economy is shaped by its proximity to Washington, D.C. — but it’s much more than government work. Northern Virginia (NoVA) has one of the highest concentrations of independent government contractors, IT consultants, and cybersecurity firms in the country. Richmond has a growing startup and small business scene. Hampton Roads supports a large base of defense contractors alongside marine and port-related businesses. And across the Shenandoah Valley and southwestern Virginia, agriculture, tourism, and trades work drive local economies.

Many of Virginia’s self-employed professionals earn strong incomes but take heavy deductions for equipment, office space, subcontractors, and business development. Bank statement loans let those borrowers qualify on deposit history instead of tax returns.

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 deposit activity. It’s fully documented lending — just through bank records rather than IRS paperwork.

Learn more about how bank statement loans work →

Who Uses Bank Statement Loans in Virginia?

These programs fit borrowers whose income is strong but hard to capture on standard forms:

  • Government contractors and IT consultants — independent contractors working on federal projects in NoVA, often through project-based or task-order arrangements
  • Cybersecurity and defense consultants — cleared professionals running their own firms in the Dulles corridor and around the Pentagon
  • Real estate agents and investors — commission earners and property investors in Northern Virginia’s high-value market
  • Medical practice owners — doctors, dentists, and specialists with private practices in Fairfax, Richmond, and Virginia Beach
  • Restaurant and hospitality owners — independent operators in Richmond’s food scene, Virginia wine country, and beach communities
  • Construction and trades contractors — builders and renovators in NoVA’s competitive housing market
  • Agricultural business owners — Shenandoah Valley farmers, vineyards, and equestrian operations

Two years of self-employment and consistent deposits are the baseline requirements.

How Income Is Calculated

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

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

Business bank statements: An expense factor — usually 50% — is applied to account for operating costs. A CPA letter can lower this factor if your real overhead is less than half your revenue.

Example: An Arlington-based cybersecurity consultant with a one-person LLC averaging $22,000/month in personal deposits would qualify on $22,000/month — $264,000/year. Their tax return, after deducting home office, equipment, continuing education, travel, and professional liability insurance, might show $155,000.

Virginia 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+ (critical for Northern Virginia’s high-cost markets — Fairfax, Arlington, Loudoun, and McLean)

Frequently Asked Questions

Yes. Independent government contractors — particularly those working through their own LLCs or S-corps on federal contracts — are among the most common users of bank statement loans in Virginia. Project-based and task-order income creates irregular pay patterns that conventional lenders struggle with, but bank statement programs handle it well.
Having a security clearance doesn’t affect your mortgage eligibility one way or another. If you hold a clearance and run your own consulting firm, you qualify the same way any self-employed borrower does — through your bank deposits. Many cleared contractors in the Dulles corridor and Tysons area use these programs.
Yes. Programs go up to $3 million or more, which covers Fairfax County, Arlington, Loudoun County, and other high-cost Northern Virginia markets where median home prices are well above national averages.
Yes. Condos are eligible, including some non-warrantable condos. NoVA has a large condo market, and bank statement programs work for both mid-rise and high-rise units that meet lender guidelines.
Yes. Rate-and-term and cash-out refinances are both options. Many Virginia business owners use cash-out refinancing to fund business growth, cover contract ramp-up costs, or purchase investment properties.

Get Started

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