Direct, sourced answers to the questions self-employed, 1099, gig and newcomer borrowers actually ask — each one a short answer up top, then the full explanation. Sourced to the CFPB, HUD, Fannie Mae and the IRS.
Sometimes. Conventional loans generally require a two-year self-employment history, but some lenders accept one year if you have prior W-2 experien…
Typically two years. Conventional, FHA, VA and USDA loans generally want a two-year self-employment history, though one year can work with prior ex…
Yes. Gig and platform workers are self-employed and qualify through the same paths as other self-employed borrowers — conventional with two years o…
It's hard in the first year. Most loans want a two-year self-employment history, and a brand-new business usually lacks the tax returns or deposit…
Net income. On a conventional loan, lenders qualify self-employed borrowers on the net profit from your tax returns — gross revenue minus business…
Yes, on conventional loans. Every business deduction lowers the net income lenders use to qualify you, so aggressive write-offs that cut your tax b…
Yes. 1099 contractors qualify by reporting that income on Schedule C and being treated as self-employed, usually with a two-year average. Some lend…
Yes, through non-QM loans. Bank statement loans qualify you on 12–24 months of deposits, P&L-only loans on a CPA-prepared profit-and-loss statement…
On a conventional loan, lenders start with your net profit from two years of tax returns, add back non-cash expenses (depreciation, depletion, amor…
Yes. While conventional, FHA, VA and USDA loans require a Social Security number, ITIN mortgage programs from portfolio lenders, community banks, c…
Yes. With a valid Social Security number and work authorization, H-1B visa holders can access conventional and FHA loans on standard terms — includ…
Sometimes. U.S. lenders generally count foreign income only if it continues after you move and can be verified — often needing translated documents…
The same as anyone else by program: roughly 580+ for FHA with 3.5% down (500–579 with 10% down), and 620+ for conventional. Non-QM bank statement l…
It depends on the loan, not on being self-employed. Conventional loans start at 3–5% down and FHA at 3.5%, with the same minimums for self-employed…
Usually two years, but not always. Most bank statement lenders want a two-year self-employment history and 12–24 months of statements, yet some acc…
The expense factor is the percentage of your bank deposits a lender treats as business expenses when calculating qualifying income. If your deposit…