Being self-employed should not keep you from a good mortgage. Business write-offs can make your tax returns understate what you actually earn, so we work with lenders that offer programs built around how self-employed borrowers are really paid.
Programs for self-employed borrowers
- Bank statement loans. Income is calculated from 12 or 24 months of business or personal bank deposits instead of tax returns.
- 1099 income loans. For contractors and gig workers, qualifying income comes from your 1099 forms.
- Profit and loss (P&L) loans. Qualify on a CPA- or tax-preparer-prepared profit and loss statement for your business.
- Asset-based qualification. Significant liquid assets can be used to establish qualifying income.
- DSCR loans for rentals. Investment properties can qualify on the property's rental income rather than yours.
- Conventional and FHA with full tax returns. If two years of returns support the loan, a standard program may still be your lowest-cost option.
Your income is still verified
Every program above documents your ability to repay, as federal rules require. The difference is how: bank statements, 1099s or a P&L instead of tax returns. These alternative-documentation loans are usually offered by non-QM lenders and may carry a higher rate or a larger down payment than a conventional loan, so we will show you both paths when both are available.
What to have ready
- Two years of business history, or a business license and letter from your CPA.
- 12 to 24 months of bank statements, or your most recent 1099s, or a year-to-date P&L.
- Identification, and statements for the assets you will use for the down payment and reserves.
Not sure which program fits? Start a quote or call us, and we will price your scenario across the lenders that offer it.