Frisco and McKinney have medical practice operators, real estate agents, consultants and builders who work for themselves. Bank statement programs can document that income from 12 or 24 months of deposits, where the program allows.
Fast growth and new businesses
The Dallas Cowboys' headquarters at The Star, the PGA of America's campus and a string of sports and entertainment venues have made Frisco a magnet for related businesses. Corporate relocations bring executives who later start their own firms, and the growth supports builders, landscapers, pool companies, home-theater installers and designers. McKinney has a historic downtown square with independent shops and restaurants.
Subdivisions and special districts
The extra charge appears on the annual tax bill, and a mortgage lender includes it. Ask your loan officer to estimate the full tax figure for your address.
New construction and timing
Builders in Collin and Denton counties generally have long timelines. Statements, credit and appraisals have shelf lives, so a delayed completion date can require updated records. Keep every statement in the series, and update your loan officer when the builder moves the date.
Agents, doctors and contractors
A real estate agent shows brokerage deposits and uses a long period to smooth the busy and lean months. A pediatric practice owner shows insurer payments with a documented ownership share. A pool or landscape contractor shows seasonal deposits. In each case, a short summary of how you are paid and a letter from a tax professional keep the look at moving.
Self-employment by the numbers
The American Community Survey puts self-employment in the city of Frisco at 10.1 percent of 115,431 workers, or about 11,639 people. The share is in line with the Texas number of 10.7 percent. Unincorporated operators, such as sole proprietors and independent contractors, make up 5.7 percent of workers, and incorporated proprietors make up 4.4 percent. The split matters to a lender, because an incorporated owner is generally paid through the company and an unincorporated one deposits business income directly into a personal or business account.
Self-employed residents cluster in professional and business services (3,312 people), education and health care (1,826 people), and finance, insurance and real estate (1,635 people), measured by the number of people. In construction, about 27 percent of workers own their own business, the highest share among the major groups. Consultants and business service owners bill by invoice, so a reviewer ties deposits to invoices and notes how long clients take to pay. Health and education businesses are tend to steady, and a loan analyst can read a long record in the same field as a sign of stability.
The employer base
Payroll data for Collin County describe 34,653 private establishments and about 485,580 jobs. Pay averaged $91,131 a year, about the national average. Private employment grew by 3.1 percent across the year. Counting employers in place of jobs, the most common types are professional, scientific and technical services (7,847 establishments), health care and social assistance (4,922 establishments), and retail trade (2,938 establishments).
Specialization shows up in finance and insurance (location quotient 2.84) and information (location quotient 1.93); a quotient above 1.0 signals a bigger share of local jobs than the country as a whole. Finance and real estate income often counts referral fees and bonuses, which count when they recur and the source is clear. The best paid sizable sector is management of companies, at approximately $165,498 a year per worker.
The housing stock
Homes in the city of Frisco have a median value of around $642,000, approximately 126 percent above the Texas median of $284,000, and 66 percent of households own where they live. Renters pay a median of roughly $2,014 a month in gross rent, a number many self-employed buyers compare with owning.
The median year built is 2009. Much of the housing is newer, which can mean fewer repair items but more neighborhood association rules and dues. Detached single family houses make up 69 percent of housing units, with 24 percent in buildings of ten or more units. Single family detached homes lead the market, which suits business operators who need a garage, shop or room for equipment. Proprietors with a mortgage report median real estate taxes of approximately $9,572 a year, a figure that is counted in the monthly obligation a mortgage lender looks at.
Working from home and education
Census commute data show 37.8 percent of workers working at home, above the Texas average of 14.4 percent. A high or low home-office share changes what purchasers want from a house, from a slow room to a garage for equipment. The median age is 38, and 68 percent of adults have at least a bachelor's degree. Households earn a median of around $150,000.
Institutions and anchors near Frisco and McKinney
Larger education here counts Collin College. Each one supports a ring of outside vendors, contractors and consultants who may be paid on 1099s.
How Frisco and McKinney compares
Of the 22 Texas areas we cover, Frisco and McKinney sits 12th on self-employment share. For median home value it is 1st of 22. The neighboring area of McKinney has a self-employed share of 8.8 percent, a median home value near $472,000 and 64 percent owner-occupied residences.
Putting it together for Frisco and McKinney borrowers
With roughly one worker in 10 self-employed, a buyer in Frisco and McKinney who uses bank statements is far from unusual. Mortgage lenders see a lot of professional and business services borrowers in this market, and the files move faster with invoices and engagement letters attached. A big home-office workforce makes it easy to mix household and business spending, so a distinct business account is worth considering. Greater home values usually mean bigger loan balances, which puts extra weight on reserves and on how long the business has operated.
Frisco and McKinney at a glance
| Measure | Frisco | Texas |
|---|---|---|
| Employed residents | 115,431 | 14,431,125 |
| Self-employed share of workers | 10.1 percent | 10.7 percent |
| Unincorporated owners | 5.7 percent | 7.1 percent |
| Incorporated owners | 4.4 percent | 3.6 percent |
| Median home value | $642,000 | $284,000 |
| Owner-occupied homes | 66 percent | 63 percent |
| Median gross rent | $2,014 | $1,403 |
| Median year built | 2009 | 1992 |
| Workers who work at home | 37.8 percent | 14.4 percent |
| Median household income | $150,000 | $78,000 |
Self-employed residents of Frisco by industry
| Industry | All workers | Self-employed | Self-employed share |
|---|---|---|---|
| Professional, management and administrative services | 27,259 | 3,312 | 12.2 percent |
| Education, health care and social assistance | 19,761 | 1,826 | 9.2 percent |
| Finance, insurance and real estate | 18,444 | 1,635 | 8.9 percent |
| Construction | 4,762 | 1,271 | 26.7 percent |
| Other services | 4,773 | 900 | 18.9 percent |
| Arts, entertainment, lodging and food service | 7,334 | 822 | 11.2 percent |
| Retail trade | 10,694 | 777 | 7.3 percent |
We pulled the local figures from the Census Bureau and BLS public tables; limits and definitions are on the data sources page.
For the general rules that apply across Texas, see the state page. For the paperwork side, the proof checklist lists history, expense and ownership documents.
Illustrative and general. Each program sets its own rules, and every lender reviews income, credit, debts and the property before any approval.
Nearby
- All of Texas
- Corpus Christi, TX
- El Paso, TX
- Lubbock, TX
- McAllen and the Rio Grande Valley, TX
- Amarillo, TX
Buying or refinancing around Frisco and McKinney?
Apply online or call and tell us about the property.
Frequently asked questions
Do special district charges affect my loan?
They count toward the monthly obligation as well as taxes and insurance. A loan officer can estimate the full amount.
My builder's schedule keeps moving. What should I do?
Tell your mortgage loan officer. Records have a shelf life and may need updating.
Is self-employment common around Frisco and McKinney?
Census estimates put it at about 10.1 percent of employed residents of the city of Frisco, compared with 10.7 percent over Texas. The estimate comes from the 2020 to 2024 American Community Survey.
Which industries employ the most self-employed people in Frisco and McKinney?
By headcount, the largest groups work in professional and business services and education and health care, with 3,312 and 1,826 people respectively. Applicants in any industry can ask whether a bank statement program fits.
Do Frisco and McKinney home prices affect a bank statement application?
Statements are reviewed the same way in every market. Local housing affects the appraisal, the association questions and the taxes, with medians of $642,000 in value and 2009 for year built, and 66 percent of houses owned by residents.