1099 and P&L loans. Qualify the way you actually earn
Contractors, freelancers and business owners can qualify on 1099s or a profit and loss statement. We shop your file with 130+ lenders.
What these loans are
A 1099 loan qualifies you on the income shown on your 1099 forms. A P&L loan qualifies you on a profit and loss statement for your business.
Neither one needs your personal tax returns, so write-offs that lower your taxable income don't lower what you can borrow.
Who it fits
- Contractors, freelancers and gig workers paid on 1099s
- Business owners with a strong profit and loss statement
- Self-employed borrowers whose tax returns show less than they earn
- Buyers and homeowners refinancing or taking cash out
How it works with us
- Tell us how you're paid1099s, a P&L, bank statements, or a mix. We match the program to your paperwork.
- One soft pullWe check your credit once, without affecting your score, and shop the file with 130+ lenders.
- Pick the best fitEach lender reads self-employed income a little differently. We find the one whose rules fit you.
- CloseWe keep the appraisal, lender and title moving, and get you to closing.
What to have on hand
You don't need all of it to start. The application tells you what's missing.
- Photo ID
- Your 1099 forms, or a profit and loss statement for your business
- Proof of how long you've been self-employed
- Bank statements showing down payment and reserves
- Purchase contract or current mortgage statement
Good to know
Do I need tax returns?
No. These programs qualify you on your 1099s or a P&L instead of your personal tax returns.
Who prepares the P&L?
Lenders have different rules on who can prepare it. We match you with a lender whose rules fit what you have.
Can I use this to buy or refinance?
Yes. 1099 and P&L programs work for purchases, refinances and cash-out refinances.
What if bank statements fit me better?
We compare 1099, P&L and bank statement programs and show you which one gets you the best loan.