Qualify with what you earn
Bank statement programs look at 12 or 24 months of deposits to show your real income. Other options may use a CPA-prepared profit-and-loss statement.
Your options
- HELOC: draw what you need, when you need it
- Home equity loan: one lump sum with a fixed payment
- Cash-out refinance: replace your mortgage with a larger one
If your current first mortgage has a rate you like, a HELOC or home equity loan lets you keep it.
How business owners use it
Expanding the business, buying equipment, consolidating debt, remodeling, or keeping a cushion for a slow season.
Frequently asked questions
How much equity can I use?
Many programs allow your first mortgage plus the new loan to total up to 90% of your home's value, depending on credit, property, and program.
Do I need two years in business?
Usually, though some programs accept less with prior experience in the same field.