Home / Virginia / Virginia Beach / Seasonal Business Owners
Bank Statement Loans for Seasonal Business Owners in Virginia Beach, VA
Oceanfront crowds from Memorial Day to Labor Day make summer the year for many Virginia Beach businesses.
Virginia Beach seasonal business proprietors earn most of their income in the warm months. A mortgage lender reads 12 or 24 months of statements, where the program allows, and 24 months tend to shows two full cycles.
The local numbers
Payroll filings in Virginia Beach city include 131 establishments in accommodation. They employ about 3,090 people, and the average annual pay is roughly $32,786. Solo owners do not are listed in payroll data, so the pool of seasonal business owners is bigger than it looks. Against the national pattern, the employment location quotient is 1.40, a sign this line of work is a local specialty.
Census survey data count approximately 1,983 self-employed people in hospitality and the arts living in the city of Virginia Beach. They make up 9.1 percent of the workers in that group and around 9.4 percent of all self-employed residents.
Virginia Beach snapshot
| Measure | Figure |
|---|---|
| Employer establishments in accommodation | 131 |
| Jobs at those establishments | 3,090 |
| Average annual pay | $32,786 |
| Self-employed residents in the related group | 1,983 |
| Share of that group who are self-employed | 9.1 percent |
| Statewide share for the same group | 7.3 percent |
How the summer shapes the year
Hotels, surf schools, bike and kayak outfitters, boardwalk restaurants and charter boats make most of their money between May and September. Fall festivals and holiday events add smaller peaks, but winter can be very slow at the Oceanfront.
What buyers face in the market
For seasonal business proprietors planning a purchase, the market in the city of Virginia Beach looks such as this: 14.3 percent of workers work from home; approximately 1.5 percent of units are held for seasonal or occasional use; and half the houses predate 1984. Averages such as these do not replace an appraisal of the house you are buying.
How the lender averages it
An underwriter totals the eligible deposits for every month in the window and divides by the number of months, so the monthly income number covers the winter too. Savings that remain in the account after the season suggest the owner can cover the slow months.
Nor'easters and hurricane weeks
Storms can close a business for days. A note listing dates, along with a 24 month period, keeps a single bad week from dominating the picture. Insurance payments for lost business are dedicated from routine revenue.
Documents for a seasonal file
Licenses and permits, the lease or vendor agreement, processor statements for each month, payroll documents for seasonal staff and a short summary of your annual calendar. A letter from a tax professional that explains the business adds weight.
What to explain up front
Homeowners pay median real estate taxes roughly $3,061 a year in Virginia Beach, one more number a lender adds to the housing obligation. A short description of your business cycle helps the underwriter. Say when the season starts, when it peaks, what you do in the off months and whether you take other work. A paragraph is enough, and it often prevents a call asking about low months.
How Virginia Beach compares
Set against 7.3 percent for Virginia as a whole, the 9.1 percent share here is above the state level. Of 18 comparable Virginia areas, it ranks 3rd on that measure. At $32,786, wages sit toward the low end, so many proprietors keep little of each deposit and a documented cost picture can matter.
What a reviewer looks for
Off season income from a second job, rental or contract work can fill gaps, but each source needs its own documentation. Deposits from another employer are listed as wages and are counted separately from business deposits.
Getting the details right
The median household income in Virginia Beach is roughly $93,000, and local files vary a great deal close to that figure. Employees hired for the season show up in payroll debits, and an underwriter wants that. What they do not expect is an unexplained wave of cash deposits. Keep payroll summaries and deposit records so the numbers link out.
Employers in the work around Virginia Beach
| Line of business | Establishments | Jobs | Average annual pay |
|---|---|---|---|
| Other amusement and recreation | 149 | 3,151 | $22,066 |
| Traveler accommodation | 124 | 2,951 | $32,863 |
Sources: American Community Survey (2020 to 2024) and BLS Quarterly Census of Employment and Wages (2024). Details are on the data sources page.
General information only. Programs vary, and a lender must verify your income and ability to repay. This is not a commitment to lend.
Related
- Bank statement loans in Virginia Beach, VA
- Seasonal Business Owners: national guide
- What you need to prove
- New Business Owners in Virginia Beach
- Contractors and Tradespeople in Virginia Beach
Ready to look at Virginia Beach?
Apply online or call, and we will tell you which documents to pull together first.
Frequently asked questions
Is a 24 month period better for me?
For a business with a single solid season, usually yes. A mortgage loan officer can compare windows.
Do off-season side jobs count?
Business income from a repair or retail line can count if it is documented. W-2 jobs are documented separately.
Are there many seasonal business operators in the Virginia Beach area?
Payroll data for Virginia Beach city show roughly 131 establishments with employees in accommodation, and Census estimates count approximately 1,983 self-employed residents of the city of Virginia Beach in the related industry group. Operators with no employees are listed only in the Census number.
Does a lender treat seasonal business owners in Virginia Beach differently from anywhere else?
A statement look at is not local, but the purchase is. Here the median home is worth about $382,000, 65 percent of households own, and the median home dates from 1984; the Virginia median value is $384,000.