For many in the Wilmington area—from the camera operators on a "Wilmywood" film set to the remote tech consultants working from a porch in Surf City—the freedom of self-employment often comes with a major snag: qualifying for a mortgage.

If you are a 1099 contractor, freelancer, or gig economy worker in New Hanover, Pender, Onslow, or Brunswick counties, you may have been told that buying a home is impossible because your tax returns show "too many write-offs."

In 2024 and 2025, that advice is outdated. The rise of the freelance workforce has forced lenders to adapt, and for buyers in our coastal market, the solution lies in "Non-Qualified Mortgages" (Non-QM), specifically the Bank Statement Loan.

Myth vs. Reality: The Tax Return Trap

Traditional underwriting relies heavily on "Net Income"—the number at the bottom of your tax return after you’ve deducted your home office, mileage, and equipment.

Myth: "I made $100,000 last year, but because I wrote off $40,000 in expenses, the bank thinks I only made $60,000. I can't afford the house I want in Hampstead."

Reality: You do not need to use tax returns to qualify. Specialized lenders can now look at your gross revenue (deposits) rather than your taxable net income.

The "Bank Statement Loan" Solution

For self-employed buyers in our region, the Bank Statement Loan is a game-changer. Instead of asking for W-2s or tax transcripts, the lender asks for 12 to 24 months of personal or business bank statements.

They tally up your total deposits to calculate your "real" monthly income. If you deposit an average of $8,000 a month into your business account, many lenders will give you credit for that full amount (or a high percentage of it) to calculate your purchasing power. This can open the door to properties in competitive markets like Wrightsville Beach or Oak Island that previously seemed out of reach.

Navigating Seasonal Income on the Coast

A unique challenge for our local market is seasonality. A wedding photographer in Southport or a short-term rental manager in Topsail might make 70% of their income between May and September.

The Challenge: A standard algorithm might see a "lean" January statement and decline the loan.

The Strategy: You need a human underwriter who understands the coastal tourism cycle. By averaging your income over 12 or 24 months, the "summer spike" compensates for the "winter lull," smoothing out your profile for approval.

Your Next Step

Buying a home with freelance income isn't about finding a loop-hole; it's about finding a lender who speaks the language of the modern entrepreneur. You shouldn't have to choose between saving on taxes and buying a home.

Aspyre Realty Group specializes in listening to your unique financial story and connecting you with the specific local resources that fit your profile. We are experts in communicating your wants into a home that works for you—and that includes helping you build the right team to get you to the closing table. Reach out to us to start strategizing your move.