Bank Statement Loans in Mount Pleasant, SC

An affluent, independent-minded town

Mount Pleasant has a mix of commercial fishing heritage on Shem Creek, hospitality along Coleman Boulevard and a sizable base of professional offices. Many residents are physicians, attorneys, financial advisors, marketing consultants and real estate agents who run their own firms. Boat and marine businesses, charter captains and outdoor guides are common on the creeks and sounds.

Neighborhoods and nearby islands

Old Village is the historic center with older cottages and big lots, while Park West and Dunes West offer planned communities. The Isle of Palms, Sullivan's Island and Daniel Island are separate communities that many purchasers compare. Homes close to the water tend to carry flood and wind coverage requirements, and a flood determination is generally among the first documents requested.

Larger loans and more questions

Home values here run high, so loans can be sizable. A mortgage lender will look carefully at assets, reserves and the source of your funds to close, and may ask for more detail on business income. Be ready with a short explanation of how your business pays you, plus a letter from your tax professional if the program asks for one.

Restaurants, boats and referrals

A restaurant on Shem Creek rises and falls with the summer. A charter captain gets paid by the trip, generally by many distinct customers. A real estate agent is paid by closing. In each case a 24 month window shows more of the picture than a 12 month one, and each deposit should be traceable to a customer, platform or brokerage.

The self-employed workforce

The American Community Survey puts self-employment in the town of Mount Pleasant at 15.8 percent of 47,493 workers, or about 7,504 people. Compared with the state, the local share is markedly greater than the 10.1 percent figure for South Carolina as a entire. Of all workers, 8.2 percent are unincorporated business operators and 7.6 percent own incorporated companies. That distinction shapes the documentation. Proprietors of corporations and LLCs taxed as corporations are paid through the entity, while sole proprietors generally deposit all of it into one account.

The industries with the most self-employed residents are professional and business services (2,418 people), finance, insurance and real estate (1,180 people), and education and health care (978 people). The highest concentration is in personal and repair services, where 27 percent of workers are self-employed. Consultants and business service proprietors bill by invoice, so a loan analyst matches deposits to invoices and notes how long customers take to pay. Agents, brokers, advisors and property managers are paid in commissions and fees, so deposits come in lumps. A reviewer reads the entire period and ties big deposits to closings or accounts.

What the local payrolls show

The Bureau of Labor Statistics tallies about 22,165 private establishments in Charleston County, employing approximately 229,044 people at an average annual pay of $66,926, which is about the national average. Private employment grew by 1.3 percent over the year. Employer counts are highest in professional, scientific and technical services (4,352 establishments), retail trade (2,258 establishments), and health care and social assistance (2,098 establishments).

Relative to the U.S., real estate and rental and leasing (location quotient 1.48) and accommodation and food services (location quotient 1.45) employ more people than you would expect, because a quotient of 1.0 is the national norm. Finance and real estate income usually includes referral fees and bonuses, which count when they recur and the source is clear. The best paid large sector is finance and insurance, at about $131,991 a year per worker.

Homes, values and ownership

The median owner-occupied home in the town of Mount Pleasant is valued at approximately $748,000, around 189 percent above the South Carolina median of $259,000, according to the American Community Survey, and 74 percent of occupied homes are owned by their residents. Renters pay a median of roughly $2,159 a month in gross rent, a figure many self-employed purchasers compare with owning.

The median year built is 2000. Much of the housing is newer, which can mean fewer repair items but more neighborhood association rules and dues. Detached single family homes make up 64 percent of housing units, with 17 percent in buildings of ten or more units. Most houses are single family homes on their own lots, which keeps the process simple for self-employed purchasers who want space for a home office or a work vehicle. Operators with a mortgage report median real estate taxes of about $2,300 a year, a figure that is counted in the monthly obligation a lender examines.

The home office factor

About 26.7 percent of workers in the town of Mount Pleasant work from home, above the 11.5 percent statewide figure. For a self-employed buyer that raises practical points about a home office, which a lender may ask about when business and household costs share one address. Residents are 43 years old at the median, and 68 percent of those aged 25 and older hold a four year degree. The median household income is about $125,000.

How Mount Pleasant compares

Measured by self-employment share, Mount Pleasant places 1st among the 18 South Carolina areas covered here. Its median home value ranks 1st among them.

Putting it together for Mount Pleasant borrowers

About one in 6 employed residents works for themselves, so self-employed files are a normal part of the Mount Pleasant market. Professional and business services leads local self-employment, so have invoices and engagement letters on hand to spell out your greater deposits. Since so many people work from home, keeping business deposits in their own account makes your file easier to read. Houses here run above the South Carolina median, so greater loan amounts are common, and a mortgage lender will look closely at assets and reserves along with income.

Mount Pleasant at a glance

Self-employed residents of Mount Pleasant by industry

Population, housing and payroll figures on this page are public Census and BLS numbers; the method is written up here.

Wherever you land in Mount Pleasant, the underwriting steps match the rest of South Carolina. 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.

Nearby

• All of South Carolina
• North Charleston, SC
• Aiken, SC
• Florence, SC
• Beaufort, SC
• Anderson, SC