Can I get a mortgage in Illinois if I am self-employed?

Should I start with tax returns or bank statements?

Start by comparing both where available. A tax-return review considers the lender’s allowable income calculation, not just gross sales. A bank-statement program evaluates eligible deposits and business expenses. Neither method guarantees a larger loan or lower cost.

Our self-employed income guide explains business-history requirements and possible exceptions, with Fannie Mae and HUD references. Our bank-statement guide explains deposit exclusions and a hypothetical expense-factor calculation.

What should a Chicago-suburb business owner prepare?

• Business start date, ownership percentage, and the type of work you do.
• Available tax returns and complete personal or business statements, as requested by the originator.
• Purchase or refinance goal, property location, expected occupancy, and available closing funds.
• Business debts, personal obligations, and any recent changes in revenue.

Share sensitive documents only through the originator’s secure application process. This page does not collect financial records.

How does the property affect the comparison?

For a Chicago-area home, estimate taxes and association charges before settling on a payment range. Condo project eligibility and repairs can also affect available financing. For an investment you will not occupy, discuss whether DSCR financing fits; it is a separate property-income approach, not an owner-occupied income-documentation shortcut.

What should I ask before choosing a program?

Ask which income calculation is being used, what additional documentation is needed, and how rate, fees, reserves, and repayment terms compare. Discuss prepayment penalties if applicable. Read how to compare costs alongside the program requirements.