Are You Happily Self-Employed? Choosing Your Best Home Loan Options

Self employed

According to the St. Louis Federal Reserve, in 2022, almost 11% of people in the U.S. are self-employed. They own their own businesses, whether they are officially incorporated or not. However, as a Los Angeles business owner, you’ve probably discovered that much of the mortgage lending world, including some of the biggest names, doesn’t offer many options in home loans for you.

As a self-employed person, you’re used to keeping your business going and continuously improving. At California Platinum Loans, we get it, because we are also self-employed entrepreneurs. You do have options in home loans, and here are some of them:

Bank Statement Loans

Bank statement loans are loans with underwriting standards based on bank statements. They are an alternative to submitting tax returns and W-2s that document income from employment. A lender can ask for 12 to 24 months of bank statements to determine the amount of mortgage you qualify for. 

Other Types of Self Employed Loans

You could also be qualified for a mortgage based on your stated income, and some loans do not require you to submit tax returns. That’s right, it’s possible to purchase or finance property without a 1040 individual tax return.

Loan amounts are flexible too, with some programs able to lend up to $7 million. 

Your Skills As a Business Owner Matter

Many loan officers who only work with conventional mortgage programs don’t consider that people who run their own businesses have skills and advantages that reduce risk to lenders.

If you’re self-employed, you are used to working continuously to keep your business going. You file tax forms that W-2 employees never see. You keep your business licenses in good order, and you are able to adjust to changes in the economy.

In contrast, a W-2 employee may have a hard time finding another job if they are laid off, and unemployment benefits won’t cover a mortgage payment.

California Platinum Loans understands that you have the skills to keep your business running smoothly and that you are also flexible enough to cope with changing economic conditions and challenges. That’s why we can offer you choices of mortgage programs for self-employed business owners and entrepreneurs. Contact us today to learn more and get the home loan you need.


Fontinelle, Amy. “How To Get a Mortgage When Self-Employed,” Investopedia, 22 February 2022, url:

Gregory, Victoria, Elisabeth Harding, and Joel Steinberg. “Self-employment grows during COVID-19 Pandemic,” Federal Reserve Bank of St. Louis, 5 July 2022, url: