Self-Employed Mortgage Loans
in New Jersey
Bank statement loans, 1099 income verification, and flexible documentation for self-employed professionals, business owners, and independent contractors in Bergen County.
Loan Programs for Self-Employed Borrowers
Bank Statement Loans
12-24 months of business bank statements instead of tax returns. Perfect for business owners who write off expenses.
1099 Income Verification
Qualify using 1099 forms and profit/loss statements. Designed for independent contractors and freelancers.
Debt Service Coverage (DSCR)
Qualify based on rental property cash flow, not personal income. Ideal for real estate investors.
Frequently Asked Questions
Can I get a mortgage if I'm self-employed?
Yes! Self-employed borrowers have several options: (1) Traditional loans using 2 years tax returns, (2) Bank statement loans using 12-24 months of business deposits, (3) P&L loans with CPA-prepared financials, (4) DSCR loans for investors. We help self-employed clients get approved regularly.
How do bank statement loans work?
Bank statement loans use your business bank account deposits (12-24 months) to verify income instead of tax returns. The lender averages your deposits and applies a percentage (typically 50-75% depending on business type) to calculate qualifying income. Perfect for business owners who write off significant expenses on taxes.
What credit score do self-employed borrowers need?
Minimum 620-640 for most programs. Bank statement and non-QM loans may require 660-680+. Higher scores (700+) get better rates. Self-employed borrowers should maintain strong credit to offset the perceived risk of variable income.
How much documentation do I need as a self-employed borrower?
Traditional: 2 years personal + business tax returns, 2 years W-2s/1099s, P&L statement, CPA letter. Bank Statement: 12-24 months business bank statements, CPA letter (sometimes), business license. The documentation varies by loan program—we help you choose the path with least paperwork.
Ready to Get Approved as a Self-Employed Borrower?
We specialize in helping self-employed professionals secure mortgages with flexible documentation options.
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