By Shawonna Fine, Loan Officer
If you’re self-employed, an entrepreneur, an investor, or someone who writes off a lot of expenses, there are alternative loan programs that allow you to qualify using other forms of income verification. These programs are designed for people whose real income or financial strength isn’t always reflected on traditional tax returns.
Common options
• Bank Statement Loans — Qualify using 12–24 months of personal or business bank deposits instead of tax returns. Primarily for self-employed borrowers, freelancers, and business owners.
• Profit & Loss (P&L) Loans — Some lenders allow a CPA-prepared profit and loss statement instead of full tax returns. Primarily for self-employed business owners whose tax returns show heavy deductions.
• DSCR Loans — Approval is based on the property’s rental income, rather than your personal income. Primarily for real estate investors.
• Asset Depletion Loans — Qualify using liquid assets like savings, investments, or retirement accounts. Primarily for high-net-worth borrowers, retirees, or people with significant assets but limited income.
• 1099 Loans — Qualify using 1099 earnings rather than W-2 income. Primarily for independent contractors, gig workers, and commission-based professionals.
Give me a call and let’s see which option could help you get into a home.dream at a time.
