Self-Employed Loans
Work for yourself? Tax returns don't always show what you really earn. Some loans look at other proof.
Who This Fits
These loans are for business owners, 1099 workers, and gig workers. Tax write-offs can make your income look low on paper. Some loans, often called non-QM loans, look at other proof of income.
Your Choices
- Bank statement loans: use your bank statements instead of tax returns and W-2s.
- Asset-based loans: qualify using what you own, not just your income.
- Low-doc loans: less paperwork for people with complex money situations.
Basic Requirements
These are general guidelines. Each lender has its own rules, and programs can change.
- Bank statements: often 12 or 24 months of personal or business statements.
- Time in business: lenders usually want to see a steady history.
- Down payment: often more than a regular loan. It varies by lender.
- Credit: better credit usually means a better price.
- Pricing: these loans can cost more than a conventional loan. Mark will show you the trade-offs.
How It Works
- Talk: Mark learns how you get paid.
- Compare: he shows which loans fit.
- Apply: he helps with the papers.
- Income check: the lender may use bank statements instead of tax returns.
- Close: Mark keeps it on track.
Questions People Ask
Do I need tax returns?
Not always. Bank statement loans can use your deposits instead. Some buyers still qualify with tax returns, which may cost less.
What is a non-QM loan?
It is a loan that does not follow the standard "qualified mortgage" rules. That gives lenders more ways to look at your income.
Can I refinance into a regular loan later?
Often, yes, once your tax returns show enough income.
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All loans depend on credit, income, and property review. Not everyone will qualify. Programs can change. This is general information, not a loan offer. Mark Jost, NMLS #150914. Heathrow Mortgage, Company NMLS #1849599. Equal Housing Opportunity.