why our team loves bank statement 1099 Loans
These programs meet borrowers where they are. For those who work for themselves, earn project-based income, or have write-offs that lower their reported income, Bank Statement and 1099 loans are a way to qualify for financing without traditional documentation.
Bank Statement 1099 Loans At A Glance
Not every borrower gets paid with a W-2, and that’s okay. Bank Statement and 1099 loans are flexible mortgage solutions for self-employed individuals, freelancers, and independent contractors who need alternative ways to verify income. These loans are perfect for business owners or gig workers who earn well but don’t show it traditionally on tax returns.
Highlights
- No Tax Returns Required: Qualify using bank statements or 1099 forms.
- Designed For Self-Employed Borrowers: Ideal for entrepreneurs, gig workers, and independent earners.
- Flexible Income Calculations: Use 12–24 months of personal or business bank statements.
- Higher Loan Limits: Great for buyers in high-cost markets.
- Available For Purchases & Refinances: Including second homes and investment properties.
Bank Statement 1099 Loan Pros
- No Traditional Income Docs Needed: Skip the W-2s and tax returns—qualify based on what you earn, not what you deduct.
- Ideal For Self-Employed Professionals: Perfect for consultants, realtors, contractors, and business owners with non-traditional income.
- Flexible Qualifying Guidelines: Use 1099s, personal or business bank statements, or a CPA-prepared P&L depending on the loan program.
- Available For High Loan Amounts: Often used for jumbo or high-balance purchases.
- Great For Multiple Property Types: Works for primary homes, second homes, and investment properties.
Bank Statement 1099 Loan Guidelines
- Down Payment: Usually 10%–20%, varies by loan size and program.
- Income Verification: 12–24 months of personal or business bank statements or 1099s.
- Purpose: Purchase, refinance, or cash-out.
- Property: Single-family, condos, 2–4 units, second homes, investment properties.
- Reserves: May be required depending on loan size and credit.
Best for…
Self-employed borrowers
Independent contractors and 1099 earners
Business owners with strong cash flow but lots of deductions
Real estate agents, consultants, creatives, and gig workers
Buyers who don’t qualify through traditional means
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