1099 / Profit & Loss (P&L) Only Loans

1099 and Profit & Loss Only Mortgages for Freelancers and Contractors

What is a 1099 / P&L Only Loan?
A 1099 or P&L only loan is a mortgage tailored for qualified contract workers and independent business owners that verifies income using either a simple Profit & Loss (P&L) statement signed by a professional accountant, or standard 1099 tax forms from your clients.
How This Helps the Qualified Borrower (The Big Advantages)
  • Bypass Complex Business Tax Paperwork: You may not have to provide multi-year corporate tax filings. A straightforward, verified document showing your current business earnings may be used instead.
  • Tailored to the Modern Economy: It treats gig, contract, and freelance work with the respect it deserves, allowing you to buy a home based on your gross contract earnings.
  • Less Hassle, Faster Answers: By removing the need to review complicated business entities and tax schedules, our team can give you a clear answer on your loan much faster.
How Does an 1099 / Profit & Loss (P&L) Only Loan Work?
If you choose the 1099 path, we average your contract earnings over a set period to find your stable monthly income. If you choose the P&L path, your certified public accountant (CPA) or licensed tax preparer provides a basic statement showing your business's total revenue minus expenses. We use that clear, simple document to see if we can qualify you for your loan.
Quick Qualification Checklist for Borrowers
  • Your most recent 1099 forms or an up-to-date Profit & Loss statement.
  • Proof of a steady history working in your specific industry.
  • A standard down payment for your home purchase.
Is a 1099 / Profit & Loss (P&L) Only Loan Right for You?
This option may be a good if: You are a freelance graphic designer, an IT consultant, an independent delivery contractor, or a small business owner with clean, up-to-date financial bookkeeping. 

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