Hampton Roads veterans, shipyard subcontractors and marine business owners may qualify through a bank statement program that uses 12 or 24 months of deposits in place of tax returns, where the program allows.
The harbor, the Navy and a lot of independents
Hampton Roads is a group of cities around one of the world's great natural harbors, including Norfolk, Virginia Beach, Chesapeake, Newport News and Hampton. The Navy, shipbuilding, shipping and tourism define the economy, and many service members and veterans start businesses after their duty ends.
Who borrows with statements
Veterans who run consulting or trades businesses, shipyard subcontractors, marine service companies, oceanfront hospitality operators and military spouses with home-based work. Many have moved over the country and rebuilt a customer base.
Flood zones, tunnels and older homes
Flood risk is part of life, and flood zone status and insurance are important to review. Residences around the water, in older neighborhoods and on low-lying land can be sensitive to flood maps. Condo buildings close to the oceanfront have their own association points.
What to keep for a contractor file
If you run a contractor business that supports the military, keep contracts and task orders with your statements. Expect to show flood insurance quotes early for residences near water.
One region, seven cities
Norfolk, Virginia Beach, Chesapeake, Portsmouth, Suffolk, Hampton and Newport News each have their own taxes and character, and the bridge-tunnels decide commute times. Naval Station Norfolk, Oceana, Little Creek, the Norfolk Naval Shipyard and Newport News Shipbuilding give subcontractors work on both sides of the water. Separate guides cover Virginia Beach, Norfolk, Chesapeake, Newport News and Williamsburg.
A look at self-employment
Of the roughly 826,209 employed people living in the Virginia Beach-Chesapeake-Norfolk metro area, roughly 70,275 work for themselves, which is 8.5 percent of the workforce. That is very around the 8.8 percent statewide share. Roughly 4.7 percent of all workers run unincorporated businesses, such as sole proprietorships, and 3.8 percent run incorporated ones. The split matters to a lender, since an incorporated owner is usually paid through the company and an unincorporated one deposits business income directly into a personal or business account.
The industries with the most self-employed residents are professional and business services (14,238 people), construction (10,200 people), and personal and repair services (8,827 people). Relative to the size of the industry, agriculture and mining stands out: around 31 percent of its workers are self-employed. Consultants and business service operators bill by invoice, so a loan analyst matches deposits to invoices and notes how long customers take to pay. Because contractors carry materials, subcontractors and equipment, an expense factor does a lot of work in their files, and a tax professional's letter may support a distinct one.
The employer base
In the Virginia Beach-Norfolk-Newport News metro area, 2024 Quarterly Census of Employment and Wages data show roughly 46,171 private employers with approximately 599,036 workers. Average annual pay was $60,073, around 5 percent below the national average. Private employment grew by 1.1 percent over the year. Retail trade (78,688 jobs, 13.1 percent), agriculture, forestry and fishing (0 jobs, 0.0 percent), and mining and oil and gas (0 jobs, 0.0 percent) lead the payroll count.
The local job mix is broad, without one sector standing far above the national pattern, so independent income here has many sources. Pay is highest among the larger sectors in retail trade, averaging approximately $35,328.
Housing context
Census data put the median home value in the Virginia Beach-Chesapeake-Norfolk metro area roughly $341,000, around 11 percent below the Virginia median of $384,000. Operators live in 63 percent of occupied homes and renters in the rest. Renters pay a median of approximately $1,478 a month in gross rent, a figure many self-employed homebuyers compare with owning.
The median home was built in 1983. Homes of many ages sit side by side, which makes a property specific appraisal more important than any average. Detached single family homes make up 60 percent of housing units, with 12 percent in buildings of ten or more units. Single family detached houses lead the market, which suits business proprietors who need a garage, shop or room for equipment. The median real estate tax bill is roughly $2,773 a year for homeowners with a mortgage, and a mortgage lender includes it as part of housing expenses.
The home office factor
Work from home is the primary way 12.2 percent of the Virginia Beach-Chesapeake-Norfolk metro area workers get to the job, below the Virginia number of 18.3 percent. For a self-employed buyer that raises practical questions about a home office, which a lender may ask about when business and household expenses share one address. About 36 percent of adults aged 25 and older hold a bachelor's degree or higher, and the median age is 37. Households earn a median of approximately $82,000.
Institutions and anchors near Hampton Roads
Students and faculty are anchored by Old Dominion University, Norfolk State University, and Christopher Newport University. Other local anchors are Naval Station Norfolk. Self-employed professionals tend to serve these institutions as vendors, contractors and consultants.
How Hampton Roads compares
Of the 18 Virginia areas we cover, Hampton Roads sits 8th on self-employment share. For median home value it is 14th of 18.
Putting it together for Hampton Roads borrowers
With roughly one worker in 12 self-employed, a buyer in Hampton Roads who uses bank statements is far from unusual. Professional and business services leads local self-employment, so have invoices and engagement letters on hand to describe your higher deposits. Whatever the industry, a clean history of deposits with sources noted is the single most useful thing you can bring. With home values around the state median, the file turns mainly on income paperwork, credit and reserves.
Hampton Roads at a glance
| Measure | Virginia Beach-Chesapeake-Norfolk metro area | Virginia |
|---|---|---|
| Employed residents | 826,209 | 4,277,711 |
| Self-employed share of workers | 8.5 percent | 8.8 percent |
| Unincorporated owners | 4.7 percent | 5.1 percent |
| Incorporated owners | 3.8 percent | 3.7 percent |
| Median home value | $341,000 | $384,000 |
| Owner-occupied homes | 63 percent | 67 percent |
| Median gross rent | $1,478 | $1,579 |
| Median year built | 1983 | 1984 |
| Workers who work at home | 12.2 percent | 18.3 percent |
| Median household income | $82,000 | $93,000 |
Self-employed residents of Virginia Beach-Chesapeake-Norfolk metro area by industry
| Industry | All workers | Self-employed | Self-employed share |
|---|---|---|---|
| Professional, management and administrative services | 108,784 | 14,238 | 13.1 percent |
| Construction | 51,321 | 10,200 | 19.9 percent |
| Other services | 40,162 | 8,827 | 22.0 percent |
| Education, health care and social assistance | 197,126 | 8,521 | 4.3 percent |
| Finance, insurance and real estate | 52,476 | 7,687 | 14.6 percent |
| Arts, entertainment, lodging and food service | 76,051 | 5,573 | 7.3 percent |
| Retail trade | 88,467 | 5,270 | 6.0 percent |
Largest private sectors in the Virginia Beach-Norfolk-Newport News metro area
| Sector | Jobs | Share of private jobs | Average annual pay | Location quotient |
|---|---|---|---|---|
| Retail trade | 78,688 | 13.1 percent | $35,328 | 1.04 |
| Agriculture, forestry and fishing | 0 | 0.0 percent | $0 | 0 |
| Mining and oil and gas | 0 | 0.0 percent | $0 | 0 |
| Utilities | 0 | 0.0 percent | $0 | 0 |
| Construction | 0 | 0.0 percent | $0 | 0 |
| Manufacturing | 0 | 0.0 percent | $0 | 0 |
| Wholesale trade | 0 | 0.0 percent | $0 | 0 |
Local numbers: U.S. Census Bureau 2020 to 2024 American Community Survey and Bureau of Labor Statistics 2024 payroll data. See how we use the data.
Wherever you land in Hampton Roads, the underwriting steps match the rest of Virginia. If you want the checklist version, start with what you need to prove.
This page is general information, not an offer. Lenders verify income and ability to repay, and program availability depends on the borrower and the property.
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Buying or refinancing around Hampton Roads?
Apply online or call and tell us about the property.
Frequently asked questions
Do VA benefits and bank statement loans mix?
They are distinct programs. Ask a loan officer which option fits your situation, since veteran benefits have their own rules.
Does flood zone status matter?
It does. Flood insurance is generally required in designated zones, and the cost tallies toward the monthly obligation.
Do many people in Hampton Roads work for themselves?
About 8.5 percent of employed residents of the Virginia Beach-Chesapeake-Norfolk metro area work for themselves, against 8.8 percent for Virginia as a entire (American Community Survey, 2020 to 2024).
What do most self-employed people in Hampton Roads do for a living?
The two biggest groups are professional and business services, with 14,238 people, and construction, with 10,200. Proprietors in any line of work can ask about a statement based file.
Is a bank statement loan distinct on a Hampton Roads property?
The income look at works the same way, but property type, age and association rules shape the rest of the file. Census data show a median home value near $341,000, a median build year of 1983 and 63 percent owner-occupied houses. Your loan officer can look at the actual property.