1. Conventional Loans

Conventional Loans refer to mortgages that meet the standards of Fannie Mae or Freddie Mac. These loans typically require self-employed individuals to have been self-employed for at least two years and to provide personal and business tax returns. For those with good credit and stable income as shown on their tax returns, conventional loans are the most affordable option.

2. Bank Statement Program

For self-employed individuals who have stable cash flow but less-than-ideal tax return income, the Bank Statement Program offers an ideal solution. This program does not rely on tax returns but instead evaluates the applicant’s loan eligibility by analyzing their bank statements from the past 12 or 24 months. This method is particularly suitable for those whose actual income is not accurately reflected through traditional income documentation.

3. Profit and Loss Loan Program (P&L )
The P&L Program is designed for self-employed individuals who cannot provide traditional income documentation such as tax returns, pay stubs, or W-2s. Applicants need to provide a Profit and Loss statement for the past year and year-to-date (which can be prepared by a CPA or the applicant themselves). Based on the P&L, we assess your financial situation and offer a personalized loan solution.

4. 1099 Program
The 1099 Program caters to self-employed individuals who use the W-9 form for tax reporting, such as freelancers, contractors, and gig economy workers. This loan type allows applicants to apply for a home loan using only their 1099 forms from the past 1-2 years, without the need for other complex tax documents, making the loan process simpler and more adaptable.

Being self-employed does not mean you cannot achieve your homeownership dreams. Regardless of your financial situation, there is a loan product that suits you. Contact our professional team, and let us help you find the best loan solution to start your homebuying journey.