Bank Statement Loans in Winston-Salem, NC

A city that reinvented itself

R. J. Reynolds, Hanes and Wachovia built the city, and the old mill and factory buildings now house labs, offices and studios. The Innovation Quarter downtown is anchored by Wake Forest's medical school and health system, and spin-off consultants, device makers and lab-services operators have followed. Atrium Health Wake Forest Baptist and Novant Health are major employers, which also makes the city a base for independent physicians, therapists and dental practice proprietors.

Where people live

Ardmore and West End offer craftsman houses and bungalows with front porches, Buena Vista and the Reynolda area quiet toward higher, older homes, and Washington Park and Konnoak Hills fall in between. Suburban homebuyers look at Clemmons, Lewisville and Kernersville for newer construction and greater lots. Winston-Salem is spread out, so commute and school zone often decide which side of town a buyer chooses.

What buyers should plan for

Older residences bring inspection and appraisal items, and historic district rules can limit exterior changes. A buyer who owns a business out of the home should tell the mortgage lender right away, since a home office affects how business and household costs are separated. Property tax is split between city and county, and a mortgage loan officer can estimate it before you make an offer.

Using statements in a family-business town

Many local companies are second or third generation, so ownership documentation counts. If you took over a machine shop or a bakery from a parent, bring the documents that show your share and how you are paid. Lenders count the share you own, not the entire company, and a clear paper trail prevents a week of back-and-forth.

Who works for themselves here

The American Community Survey puts self-employment in the city of Winston-Salem at 8.3 percent of 116,265 workers, or around 9,620 people. The share is a bit lower than the North Carolina number of 10.0 percent. Unincorporated owners, like sole owners and independent contractors, make up 4.8 percent of workers, and incorporated operators make up 3.5 percent. The split counts to a lender, since an incorporated owner is tend to paid through the company and an unincorporated one deposits business income directly into a personal or business account.

By headcount, the largest groups of self-employed residents work in professional and business services (1,756 people), construction (1,631 people), and education and health care (1,130 people). Relative to the size of the industry, information stands out: roughly 27 percent of its workers are self-employed. Consultants and business service owners bill by invoice, so a reviewer matches deposits to invoices and notes how long clients take to pay. Since contractors carry materials, subcontractors and equipment, an expense factor does plenty of work in their files, and a tax professional's letter may support a distinct one.

What the local payrolls show

BLS payroll records for Forsyth County list approximately 11,180 private establishments and 173,764 jobs, with average annual pay of $66,840 (about the national average). Private employment slipped by 0.4 percent over the year. The biggest private sectors by employment are health care and social assistance (43,109 jobs, 24.8 percent), retail trade (22,366 jobs, 12.9 percent), and accommodation and food services (18,281 jobs, 10.5 percent).

Relative to the U.S., private education (location quotient 1.74) and health care and social assistance (location quotient 1.56) employ more people than you would expect, because a quotient of 1.0 is the national norm. Clinicians, therapists, tutors and care providers tend to carry a mix of insurer reimbursements and patient payments, which arrive on delay and need a short explanation. The strongest paid large sector is management of companies, at around $135,514 a year per worker.

Housing context

Census data put the median home value in the city of Winston-Salem roughly $234,000, roughly 19 percent below the North Carolina median of $289,000. Owners live in 56 percent of occupied homes and renters in the rest. Median gross rent is approximately $1,087 a month, which matters to self-employed purchasers who are weighing a purchase against renting.

The median year built is 1981. Houses of many ages sit side by side, which makes a property particular appraisal more important than any average. Detached single family residences make up 62 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 approximately $2,025 for proprietors with mortgages, an item every lender adds to the housing obligation.

Working from home and education

Census commute data show 14.1 percent of workers working at home, below the North Carolina average of 16.3 percent. A high or low home-office share changes what buyers want from a house, from a lean room to a garage for equipment. About 39 percent of adults aged 25 and older hold a bachelor's degree or higher, and the median age is 36. Households earn a median of about $59,000.

Institutions and anchors near Winston-Salem

Students and faculty are anchored by Wake Forest University, Winston-Salem State University, and Forsyth Technical Community College. On the health care side, Atrium Health serve the area. These institutions draw clinicians, researchers, contractors and vendors, many of whom work for themselves.

How Winston-Salem compares

Among the 18 North Carolina areas on this site, Winston-Salem ranks 13th for share of workers who are self-employed. Its median home value ranks 14th among them.

Putting it together for Winston-Salem borrowers

About one in 12 employed residents works for themselves, so self-employed files are a normal part of the Winston-Salem market. Because professional and business services is the largest self-employed group, expect to be asked for invoices and engagement letters to link the biggest deposits to a source. Looks at go faster when each sizable deposit has a name and a reason beside it. Since values trail the North Carolina median, down payments and loan sizes can be smaller, which helps newer owners with short histories.

Winston-Salem at a glance

Self-employed residents of Winston-Salem by industry

Largest private sectors in Forsyth County

These figures come from the Census Bureau's American Community Survey and BLS payroll documents, explained on our data sources page.

The same program basics apply here as everywhere in North Carolina: statements for the window, proof of how long you have been in business and documents for your ownership share. The proof guide walks through each.

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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