Bank Statement Loans in Pinehurst and Southern Pines, NC

Hospitality, horses and second careers

Pinehurst Resort and the area's many courses create consistent work for caterers, landscapers, instructors, caddie-service proprietors and event planners. Southern Pines and Aberdeen have a long horse tradition, with trainers, farriers and steady operators working for themselves. FirstHealth Moore Regional supports local practices. The area also attracts retirees and people leaving the military from nearby Fort Bragg, many of whom start a second business.

Villages and second homes

Pinehurst Village has historic homes and cottages, Southern Pines has a walkable downtown with a railroad heritage, and Whispering Pines, Seven Lakes and Foxfire offer country club and lake communities. Many purchasers are looking for a second home or relocating from another state, so the lender will ask how the home will be used and whether any rental is planned.

What buyers coming from elsewhere should expect

Relocating purchasers sometimes bring business customers with them. A lender wants to see that the income continues after the move, so contracts, repeat invoices and a clear business description matter. Golf-related and event income can be seasonal and weighted toward spring and fall, which a 24 month window will capture twice.

Property and association questions

Golf and lake communities have associations with dues, architectural rules and sometimes club membership requirements. Mortgage lenders include dues in the monthly obligation and may request association documents. If your home has a detached guest house or horse facilities, spell out them early, because they affect the appraisal and property classification.

Who works for themselves here

Counting both kinds of business owner, around 888 of the 6,232 employed residents of the town of Southern Pines are self-employed, or 14.2 percent. Compared with the state, the local share is considerably above the 10.0 percent statewide share in North Carolina. Of all workers, 6.7 percent are unincorporated business proprietors and 7.5 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 tend to deposit everything into one account.

Self-employed residents cluster in professional and business services (226 people), hospitality and the arts (143 people), and education and health care (130 people), measured by the figure of people. The highest concentration is in professional and business services, where 28 percent of workers are self-employed. Because their expenses are often small, professionals can find that documentation of actual expenses beats a default factor, where the program allows it. Restaurants, venues and studios deposit a peak stream of small amounts, and the expense factor is tend to the main debate in their files.

The employer base

Payroll data for Moore County describe 3,365 private establishments and approximately 35,360 jobs. Pay averaged $54,422 a year, about the national average. Private employment grew by 4.0 percent over the year. Measured by jobs, the largest sectors are health care and social assistance (9,978 jobs, 28.2 percent), accommodation and food services (6,226 jobs, 17.6 percent), and retail trade (5,020 jobs, 14.2 percent).

Compared with the nation, the area is unusually concentrated in health care and social assistance (location quotient 1.73) and accommodation and food services (location quotient 1.71). A location quotient above 1.0 means more jobs than the national average would predict. Clinicians, therapists, tutors and care providers often carry a mix of insurer reimbursements and patient payments, which arrive on delay and need a short explanation. The best paid large sector is health care and social assistance, at approximately $68,828 a year per worker.

The housing stock

Census data put the median home value in the town of Southern Pines roughly $451,000, around 56 percent above the North Carolina median of $289,000. Operators live in 57 percent of occupied homes and renters in the rest. The median renter household pays about $1,354 a month in gross rent, and rental income is another question for purchasers who plan to keep a unit.

The median year built is 1996. The housing stock is a mix of older and newer residences, so condition and age vary a lot from block to block. Detached single family residences make up 53 percent of housing units, with 18 percent in buildings of ten or more units. Single family detached houses lead the market, which suits business operators who need a garage, shop or room for equipment. Median annual real estate taxes run roughly $2,799 for proprietors with mortgages, an item every lender adds to the housing obligation.

Commutes, home offices and schooling

About 14.4 percent of workers in the town of Southern Pines work from home, below the 16.3 percent statewide figure. Home-based work blurs the line between business and household accounts, so a clean statement history is worth the effort. The median age is 39, and 53 percent of adults have at least a bachelor's degree. The median household income is about $89,000.

Institutions and anchors near Pinehurst and Southern Pines

Larger education here tallies Sandhills Community College. Self-employed professionals tend to serve these institutions as vendors, contractors and consultants.

How Pinehurst and Southern Pines compares

Among the 18 North Carolina areas on this site, Pinehurst and Southern Pines ranks 1st for share of workers who are self-employed. Its median home value ranks 2nd among them. For a comparison, Pinehurst shows 16.7 percent self-employment, a median home value of approximately $477,000 and 85 percent homeownership.

Putting it together for Pinehurst and Southern Pines borrowers

One in every 7 or so workers here owns a business, which means statement based files are not a rarity in Pinehurst and Southern Pines. Proprietors in professional and business services, the biggest local group, do strongest when invoices and engagement letters are ready right away. Bring a short note on where every sizable deposit came from and the underwriter has far less to ask. Higher home values generally mean bigger loan balances, which puts extra weight on reserves and on how long the business has operated.

Pinehurst and Southern Pines at a glance

Self-employed residents of Southern Pines by industry

Largest private sectors in Moore County

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

For the general rules that apply across North Carolina, see the state page. For the paperwork side, the proof checklist lists history, expense and ownership documents.

General information only. Programs vary, and a lender must verify your income and ability to repay. This is not a commitment to lend.

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